US natural gas contracts rise to the highest level in a week

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US natural gas futures rose 2 percent on Wednesday to a one-week high, on expectations of cooler weather and an increase in heating demand over the next two weeks.

Gas contracts for December delivery ended the trading session up 10.1 cents, or 2.0 percent, to record at $5.068 per million British thermal units, the highest closing level since November 16.

US gas prices jumped to a 12-year high in early October, following the lead of international prices, but have since fallen because the United States has abundant gas stocks and abundant winter production.

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