March natural gas surged 48 cents, or 8.6%, to $6.03 per million British thermal units on the New York Mercantile Exchange. Prices, tracking the most-active contracts, haven’t closed above $6 since January 2009, FactSet data show.
Colder temperatures are forecast for the Midwest, South and East Coast and natural-gas storage levels are at about 34% below last year and 27% below the five-year average.
The U.S. Energy Information Administration will release its weekly natural-gas supply data on Thursday, covering the week ended Feb. 14.Analysts already expect storage levels to fall below 1 trillion cubic feet by the end of the winter heating-demand season.
Heating oil helps lead oil higherOil futures also climbed on the back of the cold weather forecasts, with heating oil leading the percentage gains.
March crude oil was last up 40 cents, or 0.4%, to $102.83 a barrel on Nymex, after trading as high as $103.34.
March heating oil gained nearly 3 cents, or 0.9%, to $3.13 a gallon, while March gasoline was up about a half cent, or 0.2%, at $2.84 a gallon.
“Oil prices are continuing on their upward trajectory,” wrote Commerzbank analysts in a note on Wednesday. “Boosted by the ongoing cold weather in the U.S. and the expectation of a further sharp decline in crude oil stocks at Cushing, [Okla.], the WTI price has climbed to a four-month high of $103 per barrel.”
Maybe we can send the ex C.M. of Delhi to reduce the prices.