Bulls Extend Run to Four Weeks as U.S. Natural Gas Surges to $7.00 – Mexico Spotlight

North American natural gas futures continued to push higher last week as production and storage worries combined with strong global demand pushed futures prices over $7.00/MMbtu.

That’s four straight weeks of rising natural gas prices as energy markets remain in turmoil following Russia’s unprovoked invasion of Ukraine.

On Wednesday, the New York Mercantile Exchange prompt-month contract soared to a $7.005/MMBtu intraday high before settling at $6.997, up 31.7 cents on the day. June futures rallied 33.3 cents to $7.096.

In Mexico, the quiet period that surrounds Holy Week, or Semana Santa, meant dropping levels of gas imports. Mexico imported 5.27 Bcf via pipeline from the United States on Thursday. The 10-day average was 5.38 Bcf/d, according to NGI calculations.

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