Xx U.S. natgas futures up 5 percent again on continuing cold

Reuters

NEW YORK, Jan 28 (Reuters) - U.S. natural gas futures for February were up over 5 percent early Tuesday on forecasts that the brutal cold would continue in much of the country for several more days.

Over the past week or so, traders said it's been a wild roller coaster ride in the futures market.

Front-month futures gained more than 5 percent on Thursday, gained over 10 percent on Friday, gained over 5 percent early Monday to near a four-year high before falling over 5 percent late Monday and now have gained more than 5 percent on Tuesday.

The February contract, which expires Jan. 29, was trading on the New York Mercantile Exchange (NYMEX) at 7:22 a.m. EST (1222 GMT) at $5.108 per million British thermal units, up 5.4 percent, or 26.1 cents.

On Monday, the contract reached $5.442 per mmBtu, its highest level since February 2010, before ending the day down over 6 percent.

The front-month is up about 13 percent since the beginning of January.

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