Warm Weather Drives US Natural Gas Prices Higher for Fourth Straight Week

US natural gas futures rose on Friday for the fourth consecutive week as unseasonably warm weather boosted cooling demand. The front-month contract for October delivery on the New York Mercantile Exchange settled 2.1% higher at $2.975 per million British thermal units (mmBtu). This marked a 2.4% gain for the week.

The heat in the East and Midwest kept power generators burning more gas than usual to keep air conditioners running, with about 40% of US power generation coming from gas-fired plants.

Analysts at consulting firm Gelber & Associates noted that a bullish stance remains warranted due to unusually hot late summer temperatures. They predicted the trend could continue in the coming weeks.