LNG

June 7 (LNG) - US natural gas futures have jumped to a 13-year high as very hot temperatures were forecast in the next week combined with lower gas field production levels and more LNG shipments. The front-month July New York Mercantile Exchange (Nymex) Henry Hub natural gas futures contract increased almost 10 percent on June 6.

   The Henry Hub prices for July hit $9.368 per million British thermal units while the August contract was quoted at $9.350. The Nymex price on June 7 was last at $9.49 per MMBtu. Analysts said the Nymex futures were also driven by rising LNG exports while natural gas output is falling short of forecasts.

The advance of North Sea Brent crude prices to above two-year highs continued this month’s hydrocarbon sector revival and with 2021 highs also being set for European LNG values and the North Asia spot LNG price jumping to over $12 as more cargoes were being lifted worldwide.

Oil prices rebounded with the North Sea Brent crude price rising for a sixth day to over $28 per barrel as the US front-month natural price increased 7.5 percent from the previous day, while LNG prices for Europe and the Asian spot market were still at historic lows.