Extreme volatility returned to U.S. natural gas futures on Jan 14, with the front-month up over 8% on forecasts for much colder weather and more heating demand than previously expected through the end of January.
In their latest midday predictions, meteorologists said the weather would turn intensely cold starting Jan. 19 and remain frigid across much of the country through at least the end of January.
Front-month gas futures for February delivery on the New York Mercantile Exchange were up 26.5 cents, or 8.6%, at $3.364 per million British thermal units at 7:23 a.m. EST (1223 GMT), their highest since Dec. 28.
That puts the contract on track for its biggest daily percentage gain in almost four weeks.
Recommended Reading
Saudi Arabia to Cut July Production, While OPEC+ Goes Lower for Longer
2023-06-04 - Saudi Arabia said it would voluntarily cut oil production by 1 MMbbl/d in July while other OPEC+ members extended their current, reduced production levels through the end of 2024.
US Shale’s Lost Its Swing, OPEC Needed to Fill Gap
2023-06-01 - Energy Aspect said OPEC is in the driver's seat as U.S. shale plays and the Gulf of Mexico, Permian Basin will see oil growth taper next year.
OPEC+ Unlikely to Deepen Oil Supply Cuts at June 4 Meeting, Sources Say
2023-06-01 - As the economic outlook worsens, and despite a drop in oil prices, OPEC+ sources suggest deeper oil supply cuts aren't likely.
Russia Reports Hits on Oil Refineries and Town Near Ukraine
2023-05-31 - Moscow reports that Ukrainian shelling has killed five in eastern Ukraine.
California Senate Approves Wave and Tidal Bill
2023-05-30 - SB 605 would put California on the path to develop new renewable sources of energy and bolster its grid.