US Natural Gas Jumps on Powerful Blizzard and Higher LNG Exports

(Bloomberg) -- US natural gas prices rose as a powerful winter storm sweeping through the northeastern region was set to boost heating demand, while exports of LNG also climbed.

Futures for March delivery jumped as much as 6.8% to $3.253 per million British thermal units in early Asian trading. A snowstorm that threatens to be among the worst on record has closed schools and disrupted flights across the US Northeast. That is set to raise demand for natural gas, which is used for heating and power generation.

Shipments of liquefied natural gas have also been inching higher over the past month, with pipeline flows to export plants climbing to 20.2 billion cubic feet on Sunday, according to data from BloombergNEF. That’s about 24% more than a year ago and near an all-time high.

Still, the jump in prices may be short-lived as temperatures are set to be milder in the days ahead. Warmer-than-normal temperatures are expected across most of the country in the next two weeks, according to an outlook from the National Oceanic and Atmospheric Administration. Moreover, gas production reached a record high earlier this month, according to BNEF data, which is expected to put downward pressure on prices.

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