US natural gas futures for February delivery surged by 70% this week as the market braced for a historic winter storm that’s poised to send temperatures plummeting and boost demand for the heating fuel.
Futures settled up 4.6%, or by 23 cents, to $5.275 per million British thermal units. That settlement was up by $2.172 per million Btu from the end of last week and capped the largest weekly percentage gain by far in records going back to 1990.
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