June 29 (LNGJ) - US spot natural gas prices and futures soared and the New York Mercantile Exchange (NYMEX) front-month contract expired above $3.60 per million British thermal units. The Henry Hub spot price also jumped to $3.59 per MMBtu as a US heatwave led to record temperatures in the Pacific Northwest and spurred demand for cooling. The US benchmark prices affect LNG contracts linked to the Henry Hub. The rising US temperatures led to pipeline issues in some areas.
Spot natural gas prices also continued to strengthen in other regions, reaching $7.00 per MMBtu in California. US weather forecasters expect the heatwave to reach the East Coast by July 6 and to last until at least July 12, resulting in high temperatures in most US regions and firm domestic gas-fired power demand.
