With Forecasts Of A Continent-Spanning Arctic Blast, U.S. Nat-Gas Futures Post Biggest One-Day Gain On Record
Natural-gas futures tallied their largest one-day percentage gain on record Thursday, up more than 46% — the rally was fueled by the expiration of Feb contracts, but also the punishing Arctic fronts forecast for this weekend and into February.
February natural gas fired-up $1.99, or 46.5%, to settle at $6.265 per million British thermal units on Thursday.
As reported by marketwatch.com, February contract settlement marked the biggest one-day percentage gain for a front-month contract based on records dating back to 1990, according to Dow Jones Market Data.
A powerful nor’easter is expected to deliver heavy snow, bitterly cold temperatures, and strong winds to swathes of the East Coast over the weekend. The “bomb cyclone” will likely drive-up heating demand, and in turn, the pull for natural gas.
“Physical demand is so high with this looming storm that the February futures contract got piled into … amid the impending cold snap,” explained Tyler Richey, co-editor at Sevens Report Research.