US natural gas futures rose to 3-month highs of around $3/MMBtu, as a frigid airmass plunged much of the central US into deep freeze, boosting heating demand in the residential and commercial sectors. Further supporting prices was lack of reserves as generators in Texas, the largest US gas producer, are paid only for the energy that they sell, not for keeping capacity in reserve for times of stress. Meantime, EIA data showed a smaller-than-expected storage draw last week.
Historically, Natural gas reached an all time high of 15.78 in December of 2005. Natural gas - data, forecasts, historical chart - was last updated on February of 2021.
Natural gas is expected to trade at 2.87 USD/MMBtu by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2.41 in 12 months time.