Natural gas forward prices jumped during the June 12-17 trading period on forecasts for the hottest temperatures of the year so far in late June, ending a stalemate between bears and bulls in recent weeks.
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July fixed prices at benchmark Henry Hub added 34.3 cents for the period to finish at $3.855/MMBtu, NGI’s Forward Look data show. The gains came alongside a rally in Nymex futures over the same time frame. Futures extended gains into early Friday. The prompt month, at its intraday peak, was up more than 50.0 cents from the prior trading week’s finish.
All Lower 48 hubs followed the national benchmark higher, with forward fixed prices up by an average 31.0 cents during the latest period. Leading the way higher were prices in the East ahead of a heat wave expected east of the Mississippi River.