Natural gas futures recapture 50-day as heat wave boosts demand
Natural gas futures rallied Thursday, breaking back above the 50-day moving average after gapping higher. The contract ranged from $2.892 to $2.990, up 5.21% before easing into the close, helped by a heat-driven demand outlook.
Natural Gas futures rallied on Thursday, breaking back above the 50-day moving average for the first time since July 8.
Prices gapped higher at the open to a low of $2.892 and hit a session high of $2.990, jumping 5.21% before pulling back slightly into the close.
The strength comes during a period when the market historically sees seasonal buying interest.
The U.S.
Energy Information Administration reported a 15 billion cubic foot build in working natural gas inventories, pushing total storage to 3,184 billion cubic feet.
While stockpiles trail last year's levels by 30 billion cubic feet, they remain comfortably within the five-year historical range and sit 167 billion cubic feet above the five-year average.
Meanwhile, an impending heat wave across the southern U.S. is expected to support elevated cooling demand over the coming week, with temperatures projected to reach 110 degrees in some regions.