US natgas futures up on expectations of cold weather

NEW YORK: US natural gas futures edged up about 0.2% on Monday, on hopes that winter might reappear, ending the downward spiral in prices despite forecasts for lower demand and rising output.

Front-month gas futures for March delivery on the New York Mercantile Exchange (NYMEX) rose 0.3 cents, or about 0.1%, to settle at $2.082 per million British thermal units (mmBtu). On Thursday, the contract settled at its lowest since April 13, 2023.

“There are some weather models that are talking about another potential polar vortex somewhere around Valentine’s day, and that’s giving the market a little bit of life,” said Phil Flynn, an analyst at Price Futures Group.