Natural Gas Prices Soar As Heat Wave Hits Large Parts Of U.S.

Natural gas prices spiked on Friday by nearly 9%, even as the weekly storage report showed little movement. Natural gas prices hit $2.367 by 2:26 pm EDT, an increase of 8.48% or $0.185, even as the EIA’s weekly storage report a day earlier showed a small increase of 58 Bcf in working gas in storage. The market had anticipated a larger build. Also bullish for natural gas on Friday were forecasts for hot weather and reports of increased LNG exports. Front-month natural gas futures on Friday hit their highest since the end of last year on this…