U.S. Natural Gas Futures Surge 2% to Seven-Week High Amid Production Decline

Deep News03:52

U.S. natural gas futures rose alongside oil prices on Friday, gaining approximately 2% to reach a seven-week high. The increase is attributed to declining production, which is expected to alleviate the current oversupply in natural gas inventories. Oil prices climbed about 4% on the same day. Statements from U.S. President Donald Trump and Iran's foreign minister dampened expectations for a deal to end recent attacks on and seizures of vessels near the Strait of Hormuz. The front-month natural gas futures for June delivery on the New York Mercantile Exchange rose by 6.7 cents, or 2.3%, settling at $2.961 per million British thermal units (mmBtu). This marks the highest closing price since March 27. For the week, the front-month contract gained roughly 7%, following a slight decline of about 1% the previous week. In the forward market, the calendar strip for 2027 natural gas futures fell to $3.49 per mmBtu, its lowest level since March 2022.

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