Commodities
Soaring South-Central Heat Forecast Fuels Natural Gas Rally
Natural gas prices have seen a boost due to a hotter-than-expected forecast for the South-Central region, which is expected to last through October 6.
According to data from the U.S. Energy Information Administration (EIA), natural gas inventories are currently 3.7% above their five-year seasonal average as of September 11.
The EIA also projects that end-of-October storage will reach 3,985 billion cubic feet (bcf), which would be the highest level in a decade and 5% above the five-year average.
In related news, the Edison Electric Institute reported that electricity output in the lower 48 states was up 16.1% from last year at 94,427 gigawatt hours for the week ended September 12.