US natgas on track for 7-month high

NEW YORK: US natural gas futures jumped more than 3% on Friday, putting the contract on track for its highest close since October 2020, on forecasts for rising exports, hotter weather and higher air conditioning demand over the next two weeks.

Front-month gas futures rose 12 cents, or 3.8%, to $3.269 per million British thermal units (mmBtu) at 10:05 a.m. EDT (1405 GMT), putting the contract on track for its highest close since Oct. 30, 2020.

That also puts the contract on track to rise for a fourth day in a row for the first time since April.