Natural Gas 09:25 AM EST, 01/15/2021 (MT Newswires) -- Benchmark natural gas was up nearly 4% early on Friday on forecasts for colder weather and high export demand.
Gas for February delivery was last seen up US$0.11 to US$2.78 per million British thermal units in Nymex electronic trade.
The Energy Information Administration on Thursday said U.S. gas inventories fell 134 billion cubic feet last week, more that the 130 bcf consensus estimate. on colder weather and increased demand for liquefied natural gas in Asia.
"Exports crossed the 11bcfd mark again this past week, as Asian demand continues to attract incremental cargoes," Tudor, Pickering & Holt noted.
The National Weather Service's long-term forecast expects temperatures to be normal or colder than usual for much of the United States over the next two weeks, raising heating and power demand for natural gas.