-- Natural gas prices rose early Monday, climbing off the lowest since November 2024 despite light spring demand on a broad-based rise in global energy prices following the unsuccessful end to peace talks between the United States and Iran.
Gas for May delivery was last seen up $0.05 to US$2.70 per million British thermal units.
The rise comes after weekend talks between the U.S. and Iran failed to reach an agreement, as Iran rejected U.S. demands to end its uranium-enrichment program. The lack of a deal keeps the Strait of Hormuz blocked, keeping 20% of daily global LNG supply from Oman off the market, adding some spot demand for U.S. LNG producers.
Still, domestic demand remains light amid spring weather. Long-term forecasts from the National Weather Service expects most states to see seasonal or warmer temperatures over its six to 14 day outlook, keeping cooling demand low.