US natgas futures jump

NEW YORK: US natural gas futures jumped about 9% to a one-month high on Monday on forecasts for colder weather and more heating demand in mid to late November than previously expected.

Traders also said futures gained support from a drop in output so far this month and expectations the Freeport liquefied natural gas (LNG) export plant in Texas would return to service soon.

Freeport LNG submitted a draft Root Cause Failure Analysis to the Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) on Nov. 1, according to sources familiar with the filing. By the end of last week, however, Freeport LNG had not yet submitted a request to resume service.