Tags: natural | gas | cold | storm

Natural Gas Jumps to 2-Year High as Cold Follows Winter Storm

Wednesday, 22 Jan 2014 11:43 AM

Natural gas futures surged in New York to the highest price in more than two years as frigid weather stoked heating demand.

Gas gained as much as 4.4 percent as temperatures dropped following a winter storm on the East Coast. The low in New York today may be 8 degrees Fahrenheit, 19 below normal, according to AccuWeather Inc. in State College, Pennsylvania. MDA Weather Services predicted colder-than-usual readings in the eastern half of the U.S. through Jan. 31.

“We haven’t seen sustained cold weather like this in a long while,” said Tom Saal, senior vice president of energy trading at FCStone Latin America LLC in Miami. “This is absolutely weather-driven. The market is showing some pretty good strength.”

Natural gas for February delivery rose 15.4 cents, or 3.5 percent, to $4.585 per million British thermal units at 9:11 a.m. on the New York Mercantile Exchange after climbing to $4.625, the highest intraday price since June 14, 2011. Trading volume was more than double the 100-day average. The futures are up 28 percent from a year ago.

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Natural gas futures surged in New York to the highest price in more than two years as frigid weather stoked heating demand.
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2014-43-22
Wednesday, 22 Jan 2014 11:43 AM
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