Nymex natural gas prices rise

Natural gas prices rose again in New York Tuesday on the New York Mercantile Exchange, making gains despite inventories that are more than ample concerns that there won’t be enough room to store the 12 percent more in inventory the US Energy Information Administration has forecast will flow in by October.

Nymex October natural gas futures were up another 2 cents on the session to $3.32 per million British thermal units on more indications of a healing economy, including higher retail sales in the US in August and statements from Federal Reserve Chairman Ben Bernanke that the recession is likely over in the United States.

The good economic news also sent crude oil prices higher as October contracts for West Texas Intermediate crude added $1.90 to $70.76 per barrel on the New York mercantile exchange, but Brent crude for October delivery dropped 28 cents to $67.16 per barrel at last report from the ICE Futures Europe exchange in London, but with October contracts for Brent expiring today, November contracts added $1.37 to $69.74 per barrel.

October Nymex gasoline futures added 5 cents to $1.79 per gallon in afternoon trade while November heating oil gained 4 cents to $1.81 per gallon during the session.

December copper was up 4 cents to $2.85 per pound in New York, while three-month copper added $61.25 to $6,201.25 per tonne on the London Metal Exchange, also helped by the new US sales data, which made it seem as if the economy is rebounding and that demand for copper could recover soon.

Other LME base metals were also up on the session.

Precious metals prices were also up on the session as December gold added $5.20 to $1,006.30 per troy ounce in New York trade while December silver was up 38 cents to $17 per troy ounce and October platinum gained 60 cents to $1,333.40 per troy ounce.

Grains prices were mixed in Chicago.

November soybeans added 3 cents to $9.63 per bushel in afternoon trade and December corn traded even at $3.46 per bushel, but December wheat dropped less than a cent to $4.70 per bushel.

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