U.S. Natural Gas Futures Surge 5%, Prices Reach Highest Since June 2024

Sep 23, 2024, 12:26 PM

U.S. natural gas futures have seen a significant increase, with prices rising $0.13 (6%) from $2.31 to $2.43 for the week ending September 20, reaching their highest level since early July. The November contract also rose by $0.13 from $2.59 to $2.72. Additionally, net long positions in U.S. natural gas increased by 13 billion cubic feet (bcf) due to short covering, while long positions fell by 6 bcf and shorts fell by 19 bcf for the week ending September 13. Nymex price rose $0.21 (10%) from $2.01 to $2.22. This surge in natural gas prices has extended into late September, with prices climbing by 5% and reaching their highest level since June 2024. The rise in natural gas prices has contributed to a decrease in U.S. oil producer revenue in early 2024.