Jump natural gas, strong profits and oil

Natural gas futures jumped more than 5% on Monday, boosted by a wave of hot weather across much of the US, while oil also closed with strong gains.

The rise in US prices also followed a rally in European gas prices, with futures on the Dutch TTF gaining nearly 12% after warning of Russia’s Gazprom that natural gas exports through the Nord Stream pipeline in Germany will be reduced to 20% of the pipeline’s capacity, from 40% today.

Against this backdrop, the August natural gas contract gained 43 cents, or 5.2%, to $8.727 per million British thermal units on the New York Mercantile Exchange.

The same-month crude contract, meanwhile, added $2, or 2.1%, to $96.70 a barrel.

September Brent rose $1.95, or 1.9%, to $105.15 a barrel.

Source: Capital

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