NEW YORK: US natural gas futures jumped over 7% to a five-week high on Monday as liquefied natural gas (LNG) exports rise and worries production could be shut in again later this week with another hurricane expected in the Gulf of Mexico.
Tropical Storm Delta is expected to strengthen into a hurricane before slamming into the Gulf Coast between Louisiana and Florida on Friday.
Front-month gas futures rose 17.7 cents, or 7.3%, to settle at $2.615 per million British thermal units, its highest close since August 31.
Despite the rise in the futures, spot gas prices for Monday fell to their lowest in years in several regions of the United States and Canada as mild weather and coronavirus demand destruction cut usage of the fuel for heating and industrial purposes.
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