• Print
• E-Mail

Natural gas futures gained amid speculation that supplies will decline as imports of liquefied natural gas (LNG) and shipments from Canada drop.

Natural gas for May delivery increased by 4.2 percent or 40.3 cents to $10.10 per million British thermal units on the New York Mercantile Exchange.

Gas has increased by 35 percent this year.

The Midwest and Northeast were forecasted to have very low temperatures until April 22.

Gas was also boosted by a government report that showed a decline in supplies of crude oil and high oil prices.

High oil prices coupled with less liquefied natural gas and low inventories were forecasted to push gas prices to $11 per million Btu.

Gas imports from Canada dropped by about 400 million cubic feet a day after drilling declined due to higher costs.

Gas production in Alberta, one of the major sources of most gas exports to the U.S. fell by 3.6 percent or 445 million cubic feet a day, this year.

The U.S. Energy Department said gas inventories in the U.S. dropped to 1.248 trillion cubic feet last month, below 304 billion last year.