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.
Thank you for reading this post, don't forget to subscribe!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.
