Natural Gas Rallies On US Winter Chill

12 Jan 2022 , 05:35 PM

Natural Gas futures rose at a blistering pace today as cold weather forecasts in the US firmed up the sentiments. The benchmark US Natural Gas futures hit highest in nearly six weeks and currently trade at $4.46 per mmbtu, up around 5% on the day. MCX Natural Gas futures also jumped around 7.40% to trade at Rs 330 per mmbtu. Prices have turned lower in recent days on warm temperatures that resulted in decreased demand in the residential and commercial sectors, the US EIA stated yesterday. However, media reports noted today that arctic air blasting across the northern United States and Canada has led to winter-chill alerts from the US states of Montana to Maine, and up to the Canadian provinces of Quebec and Ontario. The cold front sweeping over the East Coast into the Atlantic, was expected to bring a combination of icy temperatures and winds in some places, the US National Weather Service (NSW) said in a latest update.

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