Natural-gas prices are on track to score their largest yearly gain in more than two decades, raising the likelihood of high winter-heating bills, after...
Natural-gas prices are on track to score their largest yearly gain in more than two decades, raising the likelihood of high winter-heating bills.
Natural-gas futures are trading about 120% higher year to date on the New York Mercantile Exchange, with prices NGX21, +3.90% NG00, +3.90% settling at $5.59 on Oct. 13. That follows a climb to $6.312 per million British thermal units on Oct. 5, the highest settlement since December 2008. For the week ended Oct. 8, natural gas in storage—supplies available to the market—stood at 3.369 trillion cubic feet, down about 13% from this time a year ago and nearly 5% below the five-year average, according to the Energy Information Administration, which defines the winter season as October through March.Gabe Daoud, senior analyst at Cowen, blames the drop in storage below the five-year average on a lack of U.S. production hikes.
An energy shortage similar to the one in Europe and Asia isn’t likely to happen in the U.S. because the nation has “significant storage and is one of the largest natural-gas producers in the world,” says David Grumhaus, president and CIO at Duff & Phelps Investment Management.
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