NYMEX NatGas Price Soars, Up 39 Cents (+12.9%) at $3.397/MMBtu

The front-month NYMEX natural gas futures price soared yesterday (the biggest one-day increase in more than three months), closing up +0.389 (+12.93%) at $3.397/MMBtu. Why? In a word, weather. The price jumped based on forecasts for much colder weather and higher heating demand over the next two weeks than previously expected. Also playing a role is a decline in natural gas output this month and near-record flows of gas to LNG export plants. LSEG (London Stock Exchange Group) said average gas output in the Lower 48 states fell to 106.6 billion cubic feet per day (Bcf/d) so far in October, down from 107.4 Bcf/d in September and a record monthly high of 108.0 Bcf/d in August.

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