US natural gas futures climbed about 4% to a one-month high on Thursday on a drop in daily output and forecasts for colder weather and higher heating demand over the next two weeks than previously expected.
That price increase came ahead of a federal report expected to show last week’s storage withdrawal was smaller than usual for this time of year because milder-than-normal weather kept heating demand low.
Analysts forecast US utilities pulled just 40 billion cubic feet (bcf) of gas out of storage during the week ended Dec. 29. That compares with a withdrawal of 219 bcf in the same week last year and a five-year (2018-2022) average decline of 97 bcf.
Diversified Energy Company plc (LON:DEC), formerly Diversified Gas & Oil plc, is a gas and oil production company operating in the Appalachian Basin in the United States.
