US Natgas Prices Up to 1-Week High
US natural gas futures rose 4% to $2.44/MMBtu, the highest in a week, driven by forecasts for cooler weather and increased heating demand over the next two weeks. Rising global gas prices are also expected to boost U.S. liquefied natural gas (LNG) exports. The price jump came ahead of a report expected to show that utilities added less gas to storage than usual for the 15th straight week due to reduced drilling this year. Analysts predict utilities added 60 billion cubic feet (bcf) of gas to storage last week, below the five-year average of 76 bcf, leaving stocks 4% above normal for this time of year.