Natural gas futures rise 1.6% on hotter near-term forecasts

Nymex natural gas rose 1.6% to $2.777/mmBtu at 1001 ET as hotter near-term weather forecasts supported prices. NatGasWeather.com said the next 15 days had turned solidly bullish, with daily national cooling degree days (measures of air-conditioning demand) expected to run above normal. Gains remained limited by comfortable storage levels, which are well above average. The market had largely shrugged off the previous day’s small weekly storage injection, while next week’s EIA (U.S. Energy Information Administration) report is expected to show another smaller-than-normal build because of hot temperatures during the past week and lighter wind energy generation.

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