U.S. NATGAS FUTURES HIT 12-YEAR HIGH AS GLOBAL PRICES SOAR

U.S. natural gas futures jumped over 9 per cent to a 12-year high on Tuesday as soaring global prices kept demand for U.S. liquefied natural gas (LNG) exports strong. Futures prices in Europe rocketed over 21 per cent for November and 23 per cent for December to fresh record highs on worries several European countries will not have enough gas stored for the coming winter heating season. Prices in Asia also traded near record levels as China and other major LNG buyers compete for available cargoes to meet their insatiable demand for the supercooled fuel. In the United States, traders noted that prices were rising despite forecasts for U.S. weather to remain milder than normal through late October, which should keep overall heating and cooling demand lower than usual.