Natural Gas Rises as Forecasts Expect Heat to Continue for Most States
Natural gas traded higher early on Friday as forecasts expect hot weather to continue for most states, keeping cooling demand high. Gas for August delivery was last seen up $0.05 to $3.25 per million British thermal units in electronic trade, with US markets closed ahead of Saturday's Independence Day holiday. The rise comes as long-term forecasts from the National Weather Service expect hot weather to continue, with nearly all states to see warmer than seasonal temperatures over its six to 14 day outlook, keeping air-conditioning demand high. The Energy Information Administration on Thursday released its weekly look at U.S. inventories of the fuel. The agency said gas stocks rose by a more than expected 87-billion cubic feet, leaving inventories at 2.92-trillion cubic feet, 6.4% above the five-year average.
Natural gas traded higher early on Friday as forecasts expect hot weather to continue for most states, keeping cooling demand high.
Gas for August delivery was last seen up $0.05 to $3.25 per million British thermal units in electronic trade, with US markets closed ahead of Saturday's Independence Day holiday.
The rise comes as long-term forecasts from the National Weather Service expect hot weather to continue, with nearly all states to see warmer than seasonal temperatures over its six to 14 day outlook, keeping air-conditioning demand high.
The Energy Information Administration on Thursday released its weekly look at U.S. inventories of the fuel.
The agency said gas stocks rose by a more than expected 87-billion cubic feet, leaving inventories at 2.92-trillion cubic feet, 6.4% above the five-year average.