U.S. Natural Gas Futures Gain on Hotter Weather Outlook
Dow Jones
Aug 12
0944 ET - U.S. natural gas futures rise as overnight forecasts add heat to the weather outlook for a likely increase in power-sector demand. "National demand will be high to very high the next 10 days as an impressively strong ridge of high pressure sets up across much of the southern 2/3 of the U.S., focused from Texas to the Southeast and where highs of 90s and 100s will be widespread," NatGasWeather.com says in a note. The weather pattern suggests near to smaller-than-usual inventory builds that could reduce the storage surplus to 160 Bcf-170 Bcf from the current 195 Bcf, the forecaster adds. Nymex natural gas is up 1.5% at $2.809/mmBtu.
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