After a brief warm-up, winter is returning to the eastern U.S., and natural gas prices are reacting sharply. Futures surged nearly 10% on Tuesday, marking the biggest single-day jump since late October.
The spike comes as forecasters predict a new wave of cold air will hit major population centers early next week. One energy analyst noted that daily natural gas demand is expected to swing dramatically, from very low usage this weekend to nearly -30 billion cubic feet per day next week—more than double the five-year average.
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Prices are now trading around $4.37 per MMBtu. Heating demand is projected to rise well above normal levels and stay high through the end of the year.
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