US natural gas prices rise 6% on cold weather forecast

Natural gas futures prices in New York boosted their gains today, Feb. 29, as cold weather across the US increased heating demand.

Natural gas futures for March delivery rose by 5.5% to $4.227 per million British thermal units at 4:48 pm KSA time, after touching $4.258 (+6.25%).

Energy consulting firm Gelber & Associates stated in a recent note that weather models confirmed expectations of extreme cold this week. With production remaining steady over the weekend, liquefied natural gas exports have remained at record levels, The Wall Street Journal reported.

This comes amid broader energy sector gains, with rising uncertainty over Russian supplies following a Ukrainian drone attack that targeted a pumping station for a pipeline transporting crude oil from Kazakhstan through southern Russia.