NEW YORK: US natural gas futures jumped about 10% to a two-week high on Monday on forecasts for more demand this week than previously expected with the return of Berkshire Hathaway Energy’s Cove Point liquefied natural gas (LNG) export plant in Maryland.
At least four vessels were already lined up to pick up LNG at Freeport, according to Refinitiv data. Prism Brilliance and Prism Diversity were waiting off the coast from the plant, while Prism Courage was expected to arrive on Nov. 1 and Grace Freesia on Nov. 27.
Front-month gas futures were up 56.8 cents, or 10.0%, to $6.252 per million British thermal units (mmBtu) at 8:46 a.m. EDT (1246 GMT), putting the contract on track for its highest close since Oct. 14.
That also put the front-month on track for its biggest daily percentage increase since mid-July when it rose by 14%.
Comments
Comments are closed for this article.