NEW YORK: US natural gas futures jumped about 8% to a three-week high on Monday on a drop in output forecasts for warmer weather and higher demand this week than previously expected.
Analysts said gas prices also gained some support from a 5% increase in US oil futures after OPEC+ kept its output increase unchanged.
Gas futures for July delivery on the New York Mercantile Exchange rose 27.3 cents, or 7.9%, to $3.72 per million British thermal units, putting the contract on track for its highest close since May 9.
Even though gas futures rose 3% last week, speculators cut their net long futures and options positions on the New York Mercantile and Intercontinental exchanges for a second week in a row to their lowest since December 2024, the US Commodity Futures Trading Commission’s Commitments of Traders report showed.
Comments
Comments are closed for this article.