One day after posting the largest single-day gain in the last year and a half, natural gas futures moved another leg higher, surging past the long-term high established earlier this year. September Nymex gas settled Tuesday at $2.193, up 9.2 cents from Monday’s close. October rose 9.5 cents to $2.334.
Spot gas prices also continued to rally across most of the Lower 48, boosting NGI’s Spot Gas National Avg. by 13.0 cents to $1.920.
stronger gas pricing in Europe on Monday reflects a potential recovery in liquefied natural gas (LNG) demand. The prompt month landed price in the Netherlands increased by 25 cents versus Friday, “a noticeable improvement” for the U.S. market, which is eagerly awaiting a “return to normal” for LNG exports, according to Mobius Risk Group.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.