Natural gas futures continued their upward trajectory, trading higher for a fourth consecutive session and reaching levels not seen in three years. The market settled above the 5.20 level, gaining approximately 4% on the day. This price action capped off a historic week where front-month natural gas futures surged 70%, marking the largest weekly percentage increase since the 1990s. The primary catalyst for this move is a major winter storm moving through the U.S. Midwest and Northeast, which has sparked expectations for a significant spike in heating demand alongside potential production outages. The rally in the natural gas market also influenced other energy products. WTI Crude Oil futures rose approximately 3% during the session, moving back toward the top end of its recent trading range. Analysts suggest that the severity of the ongoing storm could lead to sustained demand for crude oil as an alternative energy source if natural gas supplies remain tight.
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