US natgas prices jump 4.28% on cold temps

10 April 2007 21:42  [Source: ICIS news]

HOUSTON (ICIS news)--US natural gas futures jumped 32.3 cents (4.28%) on Tuesday to close at $7.869/m Btu as renewed buying interest triggered coverage of short positions.

Sources said cold temperatures in the US midwest and northeast pushed the spot cash market for next-day delivery sharply higher and, in turn, helped to encourage buyers in the futures markets.

As the market firmed, the upward movement initiated stop orders that intensified buying pressure.

The market opened above Monday’s settlement level and continued to rise through the morning, reaching the peak value of $7.938/m Btu, up 39.2 cents early in the morning.

By: Brian McIntyre
+1 713 525 2653

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly