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Cold Weather in USA Boosts Demand for Natural Gas

March 8, 2013 at 3:22 by Vladimir Vyun

Natural gas jumped as cold weather in the United States led to growing demand. At the same time, US stockpiles shrank more than was expected.

The Energy Department Administration reported that US reserves of natural gas declined 146 billion cubic feet to 2,083 Bcf last week. The decline was somewhat higher than market participants have anticipated. The year-over-year deficit was highest since July 2008.

Temperatures were below norm in most US regions last week. This increased demand and propelled prices.

April futures for delivery of natural gas surged as much as $0.112 to $3.582 per million British thermal units on NYMEX, reaching the highest price since December 6.

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