U.S. Natural Gas Hits Record Weekly Gain

US natural gas futures for February delivery surged 70% this week as the market braced for a historic winter storm expected to drive temperatures sharply lower and boost demand for heating fuel, Julian Hast reported for Bloomberg News.

Natural gas prices for near-term delivery at regional trading hubs across the US also jumped.

Futures settled up 4.6%, or 23 cents, at $5.275 per million British thermal units. The settlement was up $2.172 per million Btu from the end of last week, marking the largest weekly percentage gain on record, with data going back to 1990.

Natural gas prices for near-term delivery at regional trading hubs across the US also jumped.

Cash prices at the benchmark Henry Hub in Louisiana for gas delivered over the weekend surged Friday to more than $28 per million British thermal units, according to traders, compared with $8.42 at one point.