Heat wave pushes up natural gas prices

Some of the hottest weather on record is driving up natural gas prices, reversing last month’s plunge and reigniting a key driver of inflation.

Natural gas futures jumped 48% this month, including 10% on Wednesday, to $8.007 per million British thermal units. That’s still more than a dollar off a 14-year high just before a natural gas export facility in Texas caught fire in early June and sent prices plummeting along with export prospects. . Still, fuel for power plants and manufacturing rebounded to more than double the price of a year ago, adding cost pressure across the economy.


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