Natural-gas futures on Thursday post a gain for the holiday-shortened week, their fifth weekly climb in a row, with prices for the fuel settling at their...
Natural-gas futures on Thursday posted a gain for the holiday-shortened week, their fifth weekly climb in a row, with prices for the fuel settling at their highest in close to 14 years.
The front-month May contract for natural gas NGK22 settled at $7.30 per million British thermal units on Thursday, up 30 cents, or 4.3% for the session. Prices for the week posted a gain of more than 16%, according to Dow Jones Market Data. The catalyst behind this week’s rally in natural gas has been a “late season blast of cold weather making its way across the country,” boosting demand for heating in many parts of the nation, said Tyler Richey, co-editor at Sevens Report Research. He also said a pipeline outage in Alabama took some natural-gas supply offline for an “indefinite amount of time,” contributing to the price climb.
At 1.397 trillion cubic feet, supplies are 439 billion less than a year ago and 303 billion below the five-year average, according to the EIA. The New York Times reported Thursday that European Union officials were drafting a ban on oil imports from Russia. The EU has issued various sanctions on Russia, but has been reluctant to ban Russian oil given that some of its members are highly dependent on those imports.
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