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Natural Gas Prices Jump After US Hurricane Forecast

A man fills his truck with CNG at a Blu LNG filling station in Salt Lake City, Utah.
Jim Urquhart | Reuters
A man fills his truck with CNG at a Blu LNG filling station in Salt Lake City, Utah.

Natural gas jumped more than 3 percent, after a respected hurricane forecaster predicted a 72 percent chance of a major hurricane hitting the U.S. this year.

Colorado State University is forecasting a slightly above average hurricane season. Natural gas touched a session high of $4.147, just 3 cents shy of the 20-month high it hit earlier this week.

Some traders pointed to the report as a reason for gains in natural gas but prices were already climbing before it came out. Gulf Coast hurricanes can disrupt natural gas production.

The forecast is for 18 named storms during the 2013 hurricane season, which runs from June 1 to Nov. 30. Colorado State forecasts that nine of those will be hurricanes and four will be major hurricanes.

(Read More: US Faces Global Challengers in NatGas Boom)

—By CNBC's Sharon Epperson; Follow her on Twitter: @sharon_epperson

Disclaimer

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