Natural gas prices soar, AECO spot price reaches 2 1/2 year high

Natural gas prices soared Friday on bullish supply data released on Thursday as well as chilly forecasts.

On the NYMEX, natural gas futures for delivery in January traded at USD4.169/mmbtu during the day, up 0.88%.

The AECO spot price in Alberta also caught fire as it shot up CAD$0.14/Mcf to settle at $4.04, it’s highest level since June 2011.

Cold weather gripping much of the US will hit the heavily populated eastern U.S. in the coming days, according to updated weather forecasts, which boosted natural gas futures.

The U.S. Energy Information Administration also reported that supplies of natural gas dropped 162 Bcf for the week ended Nov. 29. Far more than the consensus analyst predictions of ~140 Bcf.