Commodities
Natural Gas Prices Gain 2.7% as Hot Weather Supports Demand
US natural gas prices rose by 2.7% for the week ended August 28, with the October Nymex contract closing at $2.888 per million British thermal units (MMBtu).
The increase was supported by hot weather and recovering demand from LNG export facilities.
Inventories grew by only 15 billion cubic feet (Bcf) for the week ended August 21, much less than the five-year average increase of 33 Bcf.
This narrowing inventory surplus has given the market a stronger setup heading into September.