Commodities
Natural Gas Futures Prices Reach Near Four-Week High on Wednesday
Natural gas futures prices surged to a near four-week high on Wednesday after reaching $2.800/MMBtu, driven by hotter overnight weather trends and a pullback in Lower-48 production.
The move was partly attributed to intense late-summer heat and hotter trends in the European model, which pushed peak demand on the Texas grid to potentially set a new record as wind generation declines.
Despite this, the supply picture remains a concern, with average output in the Lower 48 reaching a record 111.6 billion cubic feet per day in August, exceeding July's monthly record of 110.7 Bcf/d.