Nat-Gas Prices Climb on Warmer Weather Forecasts
Natural gas prices rose by 0.22% on Wednesday to close at +$0.006, driven by forecasts of warmer US weather that may boost demand from electricity providers.
The Commodity Weather Group predicted above-average temperatures across the Western US through August 14, which could increase air conditioning use and subsequently nat-gas consumption.
However, price gains were limited by expectations of a larger-than-normal build in weekly storage, with the consensus forecasting an increase of +30 bcf for Thursday's EIA report.