Against a backdrop of solid demand, possible production cuts and potentially modest August storage injections, natural gas forward prices during the Aug. 1-8 trading period found room to move higher.
Near-term weather forecasts suggested cooler weather for the next seven days in the Midwest and Eastern portions of the country. NatGasWeather said widespread rain from the remnants of former Hurricane Debby would move up the East Coast. While temperature highs are forecast in the 70s to lower 80s there, hot weather is expected to hold over the western and southern reaches with temperature highs from the 80s to 100s.
Further, the firm said sweltering heat is not yet exhausted for the majority of the country in the longer term. Overall, weather patterns remained bullish for the eight- to 15-day period. Fewer cooling-degree days are expected, however.
