Natural gas futures were treading lightly early on Tuesday, with traders assessing recent bullish supply/demand signs that ignited an August rally against the unknowns of another potential hurricane lurking in the Atlantic and stubbornly high storage levels.
Coming off five straight gains, the September Nymex gas futures contract was up a half-cent to $2.194/MMBtu as of 8:40 a.m. ET.
National Weather Service (NWS) forecasts called for relatively mild northern temperatures through the current trading week. Additionally, following cooling winds and power outages delivered to the East Coast last week by the former Hurricane Debby, NWS data showed another tropical storm brewing in the Atlantic. Tropical Storm Ernesto had potential to build up to hurricane strength as it was expected to move north of Puerto Rico by midweek.
