The cost of natural gas in the U.S. reached a one-week high on Wednesday, rising 1%. Forecasts of a colder winter than previously expected contributed to this. Since the beginning of the year, prices have increased by about 95%, Prime news agency reports.
Last week, the price reached a two-week high of over $6,770 per million BTU on the 23rd. The impetus for the move came from the possibility of a labor strike by railroad workers, which would threaten to disrupt coal shipments and increase demand for natural gas to generate electricity.
In addition, supply concerns were heightened by the shutdown of the Freeport liquefied natural gas plant in Texas. While the latter has announced plans to resume operations by mid-December, market participants are skeptical. The operation of the plant, which has a design capacity of 15 million tons, was disrupted in early summer after an explosion and fire occurred on its territory.