Gas Tops $3 as Power Plants Gobble Up Record Amounts of Fuel
- ‘Summer-like’ weather boosts demand as nuclear plants refuel
- Prices reach highest level since January 2015 amid higher use
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U.S. natural gas futures surged to more than $3 per million British thermal units for the first time in 16 months as unseasonably warm weather drove generators to burn more of the fuel than ever for this time of year.
The late-summer surge comes as more of the fuel is being burned to make up for lost power supplies while nuclear reactors and other plants shut for seasonal refueling and maintenance. Gas producers Southwestern Energy Co. and EQT Corp. were Tuesday’s best performers among S&P 500 energy stocks.