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Natural gas futures prices rose on Monday, hitting a new 52-week high following reports of a colder-than-usual temperature outlook for January.
February Natural Gas Futures rose nearly 19% during the session after an updated outlook from The Weather Co. and Atmospheric G2 released Sunday showed the temperature forecast for next month is It is expected to be colder than average in the east.specifically from Florida to Maine as well as certain parts of the Great Lakes.
However, temperatures in the West are expected to be milder than average, according to the report. In particular, the “Four Corners” region, the area of the United States consisting of the southwest corner of Colorado, the southeast corner of Utah, the northeast corner of Arizona, and the northwest corner of New Mexico, is expected to be the most above average.
The report also says colder temperatures in the East could peak in the middle of the month, likely “well below average” compared to the full-month forecast for the eastern U.S. That said, It is not yet clear how temperatures will take hold in the east. Second half of January.
In a separate report, AccuWeather meteorologists said the colder air could establish a “stormy pattern”, and areas experienced “substantial snow and ice” for a significant portion of the first half of the month. They added that the decline will begin in the middle and late part of next week.
John Kilduff of Again Capital said Monday on CNBC “Squawking in the street” that natural gas “freezes” could occur, which would mean disruptions to natural gas production flows.
“We are talking about chilling polar vortex weather, which has caused this increase in natural gas this morning,” said the company’s founding partner.
Earlier in the session, February futures prices advanced as much as 20% and hit a high of $4,201 per thousand cubic feet. That marks its highest level since January 4, 2023, when prices were trading as high as $4,219 per thousand cubic feet.
The move in February futures comes as natural gas, which is used to heat homes, has seen significant gains lately. Commodity prices rose almost 9% last week and about 58% this year.
Meanwhile, Brent crude oil futures rose 33 cents to $74.50 a barrel, while US West Texas Intermediate Crude rose 92 cents to $71.52 a barrel.
