US Natural Gas Futures Jump over 5% on Forecasts for Higher Demand

In October, global gas prices hit record highs as utilities around the world scrambled for LNG cargoes to replenish low stockpiles in Europe and meet insatiable demand in Asia.

Reuters

U.S. natural gas futures gained more than 5% on Nov. 11, rebounding from the previous session’s slide to a seven-week low as forecasts called for higher demand, European prices rose and traders looked toward storage reports showing withdrawals from gas stocks.

Front-month gas futures rose 26.9 cents, or 5.5%, to settle at $5.149 per million British thermal units (mmBtu), snapping a four-session losing streak.

Data provider Refinitiv projected average U.S. gas demand, including exports, would jump from 96.9 Bcf/d this week to 104.1 Bcf/d next week on heating demand as the weather turns seasonally colder.

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