Natural gas rose to the highest level in more than two years in New York as U.S. inventories declined amid lower temperatures. Investors increased bets on rising prices.
Futures for January delivery climbed as much as 2.6 percent to $4.532 per million British thermal on the New York Mercantile Exchange, the highest intraday price since July 2011. It traded at $4.511 at 10 a.m. in London. Prices have advanced 35 percent this year, set for a second annual gain.
U.S. gas stockpiles fell by 285 billion cubic feet in the week ended Dec. 13, the biggest volume drop in data going back to 1994, according to the Energy Information Administration, the Energy Department’s statistical arm. Supplies have decreased for five weeks to 3.248 trillion cubic feet.