US Natural Gas Rises to 1-Year HIgh
US natural gas prices soared over 6% for back-to-back sessions toward $3.4/MMBtu, the highest in one year, as forecasts of colder weather lifted the outlook on heating demand and expedited expectations on the start of storage withdrawing season. Data from the EIA due later in the day is expected to show a slight increase in national storage, likely the last of the season, as relatively low prices in the prior week drove producers to cut output. In turn, the most recent forecasts pointed to colder-than-usual temperatures on the West Coast and most of the nation besides the Gulf Coast. In turn, supply concerns in Europe ahead of the turn of the year drove LNG feed gas flows to rise to a 10-month high, limiting domestic supply.