Natural Gas spikes to highest price in 3 years

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U.S. natural gas futures spiked to their highest levels in nearly three years as models now show a frigid first half of December across the Lower 48. Several forecasters are also warning of a potential polar-vortex-driven Arctic blast event later this month, which could drive temperatures even lower.

Let’s begin with an unusual sight (for this time of year) of winter storm alerts across the Northeast on Tuesday morning.

NatGas futures are on track for their largest quarterly gain since the first quarter of 2022. Prices on Tuesday morning were trading near $5 per mmbtu, the highest level since December 2022. The rally is being fueled by a rapid shift toward colder early-December temperatures across the Midwest and East, which has boosted heating demand expectations.

https://oilprice.com/Energy/Gas-Prices/US-Natural-Gas-Surges-to-3-Year-High-as-Deep-Freeze-Hits-December.html

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