Natural gas climbed on forecasts for colder weather and higher heating demand.
Natural gas surged by 2.05% to settle at 144.6 on the back of revised forecasts projecting colder weather and increased heating demand over the next two weeks. This upward momentum was further fueled by a decline in U.S. output, which has been steadily decreasing since gas prices hit a 3-1/2-year low in February. Energy traders noted a significant drop in gas output in the lower 48 U.S. states, with March’s average falling to 100.20 billion cubic feet per day (bcfd) from February’s 104.10 bcfd.
