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WASHINGTON: US natural gas futures climbed about 2 percent to a fresh seven-week high on Wednesday on forecasts for cooler weather and higher heating demand over the next two weeks than previously expected.
That price increase also came as global demand for gas to replace Russian fuel after the country’s invasion of Ukraine keeps US liquefied natural gas exports near record highs and European gas prices about seven times over US futures.
US front-month gas futures rose 10.4 cents, or 2 percent, to $5.291 per million British thermal units at 8:54 a.m. EDT (1254 GMT), putting the contract on track for its highest close since Feb. 2 for a second day in a row.
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