Globe & Mail 2 09:40 AM EDT, 10/21/2020 (MT Newswires) -- Benchmark natural gas rose early on Wednesday pushing above US$3.00 for the first time since January, 2019, as winter storms in the midwest begin to boost heating demand for the fuel.
Gas for November delivery was last seen up US$0.10 to US$3.02 per million British thermal units in Comex electronic trade.
The rise comes as cold weather moves into the midwest, with a winter storm expected to blanket the upper plains, with the National Weather Service warning up to eight inches of snow could fall in Minnesota. The cold weather is expected to push as far south as Texas, with long-term forecasts seeing most of the country unseasonably cold for the next two weeks.
The cold could cut into storage injections prior to the start of the heating season next month. The Energy Information Administration last week pegged inventories ar 3.88 trillion cubic feet, 10% above the five-year average.