Energy futures jumped Tuesday, with natural gas leading the way in the wake of winter storms and forecasts for colder weather in the U.S.Natural gas for February delivery on the New York Mercantile Exchange NGG16, -1.73% the most actively traded contract, jumped 11.4 cents, or 5.1%, to $2.37 per million British thermal units, the highest level since mid-November. January. Nearby January futures NGF16, +6.46% rose 14.4 cents, or 6.5%, to $2.372 per million British thermal units.
Natural gas earlier this month fell to a 14-year low, but has jumped more than 60 cents in a little more than a week on indications of strengthening seasonal demand in coming weeks, short covering, and reports of production shut-ins in the Permian Basin, located in western Texas and southeastern New Mexico, as a result of winter storms, wrote analysts at Tradition Energy, in a note.
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