- U.S. natural gas futures rose to the highest in more than a week after winter stockpiles of the furnace and power plant fuel increased less than expected, heightening concerns about adequate supplies heading into the peak demand season.
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None What the front line of the U.S. Gas prices have already more than doubled this year and the peak annual demand season is still week away in major cities like Chicago that rely heavily on the fuel for residential heating. The futures pushed almost 7% higher on Thursday after a government tally of critical supplies stored underground showed a weaker-than-expected increase with time running out to boost inventories.
As the coming year ends in northerly Chile, energy prices are soaring worldwide as widening supply deficits become anemic. Some manufacturers have left factories idle. Post-pandemic economic rebound may be in jeopardy in some of the world's biggest economies as the imperative pressures force governments and regulators to make tough choices about whether to triage energy deliveries to essential sectors.
In the U.S. gas futures for November delivery was up 4.3% to $5.832 per million British thermal units at 11 a.m. on the New York Mercantile Exchange after getting $5.964 earlier in the session.
The widely watched U.S. gas inventory report on Thursday show that supplies held in storage grew by only 81 billion cubic feet last week, far less than the 93 billion median of estimates compiled by Bloomberg. In a separate report the Energy Information Administration warned that U.S. householders are facing highest electricity bills since 2007 - 2008 this winter.
This is disappointing for people who want low prices because the hope was that we could put together triple digit injections to cool off prices and that s not happening, said Phil Flynn, senior market analyst at Price Futures Group.
Flynn s reference to triple-digit injections means weekly storage gains of 100 billion or more; there have only been two of them all year.
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