Commodities
US Nat-Gas Prices Rise on Hot Weather Forecasts
Natural gas prices in the US rose on Friday after forecasts predicted hotter weather across several regions. The Commodity Weather Group reported that temperatures above average will persist through September 4, potentially boosting demand for electricity to power air conditioning.
The largest electric grid in Texas, ERCOT, forecasted peak power demand exceeding the all-time record set in July due to record-high temperatures expected in West Texas over the next week.
BNEF data showed US dry gas production and lower-48 state gas demand increasing by 4.4% and 2.7% year-over-year, respectively.