Natural-gas futures rocketed higher Wednesday, settling at their highest price since February 2014 and logging one of the best days in years, according to Dow Jones Market Data.
“The move higher in natural gas prices is mainly a result of a 15-year low in stockpiles combined with cold weather forecasts for large portion of the U.S. and record exports of natural gas,” said Will Rhind, chief executive officer at GraniteShares.
U.S. supplies of natural gas in storage stand about 16% below their five-year average as of the week ended Nov. 2, according to data from the Energy Information Administration, which will issue its latest updated supply figures Thursday morning.
December natural gas
jumped 73.6 cents, or about 18%, higher to $4.837 per million British thermal units. That was the largest one-day percentage gain since Sept. 29, 2004, and the largest gain in dollar terms since Jan. 30, 2007. Wednesday’s rally also took futures to highest settlement since Feb. 26, 2014.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.