Commodities
Natural Gas Futures Decline Despite Hot Forecasts
Despite unseasonably hot forecasts and significant year-over-year storage deficits in multiple regions, natural gas futures declined on Thursday. The losses came despite a brief test above $3 for October futures.
The Energy Information Administration reported a 30 Bcf storage build, which may have contributed to the downward pressure on prices.
However, forecasts indicate that September is expected to be scorching, which could potentially support higher natural gas prices in the coming months.