Oil prices finally finished higher on Wednesday, with U.S. benchmark crude putting an end to its record 12-session streak of declines. But the real story was in natural gas, which settled at its highest price since February 2014.
Natural-gas futures saw a spectacular climb of about 18 percent on the day—their biggest gain in more than 14 years. The rise was fueled by cold weather forecasts that continued to feed concerns about tight U.S. supplies.
December natural gas jumped 73.6 cents, or about 18 percent, higher to $4.837 per million British thermal units. That was the largest one-day percentage gain since September 29, 2004, and the largest gain in dollar terms since January 30, 2007. Wednesday’s rally also took natural gas futures to their highest settlement since February 26, 2014.
No comments:
Post a Comment