Natural gas futures rise on forecasts of an Arctic blast

Natural gas futures rose on Wednesday morning, increasing 5.3 cents or 1.7% to $3.167 per million British thermal units on the New York Mercantile Exchange. The price climb is driven by forecasts of cooler weather across the Lower 48 states, which is expected to increase heating demand.

Meteorological models indicate a potential “Arctic blast” approximately 10 days from now, with temperatures in the northern United States expected to drop below 30-year seasonal norms starting next Wednesday. These unseasonably cool conditions could persist through October 19. Additionally, reduced supplies available to the domestic market due to LNG exports from Gulf states have contributed to the upward pressure on prices.