The contract had been in oversold territory for 19 of the 25 trading days so far this year. That price increase pushed the contract out of technically oversold territory for the first time in seven days. Last week, the contract fell to its lowest close since December 2020. Front-month gas futures for March delivery rose 12.7 cents, or 5.2%, to settle at $2.584 per million British thermal units, their highest close since Jan. 11 to provide members of the community and other interested parties an opportunity to voice their concerns about Freeport's restart plans and get an update on what's happening at the plant. Federal regulators will hold a public meeting on Freeport on Feb. When operating at full power, Freeport can turn about 2.1 billion cubic feet of gas into LNG each day. The energy market expects gas prices to rise once the plant starts producing LNG again. LNG export plant, shut after a fire in June 2022. A couple of Freeport's customers - Japan's JERA and Osaka Gas - have said they do not expect to get LNG from the plant until after March. Many analysts have said they do not expect the plant to return to full power until mid March or later. The liquefaction trains turn gas into LNG for export. The plant is waiting for permission from federal regulators to start loading LNG to free up space in its storage tanks. Freeport told Texas state regulators last week that it would start sending gas to one of three liquefaction trains at its long-closed export plant. Traders noted that cold on the weekend does not boost gas use as much as during the workweek because usage is lower on weekends when many businesses are shut. 22 except for a few cold days around the Feb. Meteorologists forecast the weather would remain mostly warmer than normal through Feb. Gas prices jumped higher despite forecasts for milder weather and lower heating demand over the next two weeks than previously expected. Freeport, however, was on track to receive no gas from pipelines on Tuesday after taking in small amounts over the past 12 days, according to Refinitiv data. Also supporting prices was a growing belief that Freeport LNG's export plant in Texas would soon start pulling in a lot more gas in coming weeks once it starts producing liquefied natural gas (LNG) for export. natural gas futures jumped about 5% to a one-week high on Tuesday as short sellers took profits for a second day after prices last week fell to a 25-month low and as output remains lower than last month following recent extreme cold that froze oil and gas wells in several producing basins. (Adds latest prices) Feb 7 (Reuters) - U.S.
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