Power Burn Helps Natural Gas Prices Rebound Amid Weaker Forecasts
Natural gas futures rebounded from early losses Monday as power burn helped offset weekend forecasts that shed some heat. The September New York Mercantile Exchange (NYMEX) contract was trading at $2.691/MMBtu by midday, down 4.2 cents day/day.
The recovery in natural gas prices came despite weekend weather forecasts that indicated less demand for the fuel. However, slipping production and firming power burn helped to trim losses.