U.S. Natural Gas Futures Surge to $2.50, Highest Levels Since June 2024, Up 20%

Sep 23, 2024, 02:07 PM

U.S. natural gas futures have experienced a significant increase, reaching their highest levels since June 2024. For the week ending September 20, natural gas futures prices rose by $0.13 (6%), from $2.31 to $2.43. The November contract also saw an increase of $0.13, from $2.59 to $2.72. The rise in prices is attributed to a combination of factors, including short covering and concerns over a second Gulf storm in September. Net long positions in U.S. natural gas rose by 13 billion cubic feet (25%) due to a decrease in short positions. The price increase has also been reflected in a 7% jump to a 12-week high, driven by storm worries. U.S. natural gas futures hit $2.50 for the first time since July, and prices have gone up by 20% recently.