Natural gas futures prices have jumped today to their highest level in more than three weeks, based on continued forecasts of colder-than-normal weather that may boost demand for the heating fuel, Bloomberg News reported.
Natural gas for February delivery rose 19.1 cents, to $4.60 per million British thermal units, just before noon Eastern time on the New York Mercantile Exchange. The futures price for gas declined 21 percent in 2010.
Gas futures climbed to the highest intraday price since Dec. 9, in what "is simply a reaction to the cold weather,” said Mike Rose, director of energy trading at Angus Jackson Inc. in Fort Lauderdale, Fla. “If it continues, it will erode our supplies,” he said.
--Jack Z. Smith
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