Natural gas prices are surging after a dramatic change to U.S. weather forecasts indicates that winter-like temperatures will grip much of the country in the coming days.
The surprise forecast comes on the heels of a two-month rally that pushed natural gas futures up 12 percent through last week. Prices have lately been trading at highs going back to January as U.S. stockpiles of the fuel sit near the lowest levels in over a decade, 15% lower than last year, going into the winter season.
Over the last few days, warm weather patterns broke down, giving way to forecasts that showed colder-than-normal temperatures taking hold throughout much of the country. Forecasts are now pointing to temperatures in mid-November that are more typical of the middle of December, with cold bursts expected in the Midwest, across Texas, the South and throughout New England.
Natural gas storage inventories are well below their five-year average after a warmer-than-usual August boosted air conditioning use and nuclear power plants closed during the recent hurricanes.

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