U.S. Gas Soars to 21-Month High on Outlook for Power Demand
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U.S. natural gas futures surged to a 21-month high as forecasts showed unseasonably high temperatures that would prop up demand for the power-plant fuel, trimming a supply glut.
Gas climbed 4.7 percent as meteorologists predicted warmer-than-normal weather across most of the lower 48 states from Oct. 12 to Oct. 21. Meanwhile, traders are speculating that Hurricane Matthew will cause fewer power outages in the U.S. Southeast than expected, keeping gas demand elevated as air conditioners hum, according to Price Futures Group.