Natural Gas Spikes 5% on Extreme Heat Forecasts

From fxdailyreport.com

Natural gas futures rallied more than 5% on Tuesday following weather models pointing to extreme heat across much of the US this month. This helped the energy commodity to trade at its highest level since the start of the year. Can natural gas extend the gains heading into the summer? July natural gas futures surged $0.151, or 5.2%, to $3.057 per million British thermal units (Btu) at 17:42 GMT on Tuesday on the New York Mercantile Exchange. Natural gas has rocketed 79% over the last three months, lifting its year-to-date gain to above 32%. Investors cheered on forecasts from the National Weather Service that showed ... (full story)