Natural gas futures surged 14 percent to a near six-month high yesterday, rallying on strong demand
Natural gas futures surged 14 percent to a near six-month high yesterday, rallying on strong demand from power producers amid scorching weather across the Midwest and Northeast, AP reported.
Oil prices also rose as fighting between Israel and Hezbollah raged on, keeping traders tense about a possible Mideast supply disruption.
The U.S. heat wave drove up demand for natural-gas-fired electricity as consumers cranked up their air conditioners. That sent September natural-gas futures $1.027 higher on the New York Mercantile Exchange, where they settled at $8.211 per 1,000 cubic feet.
It was the highest settlement price for front-month natural-gas futures since Feb. 3.