According to the Dow Jones Newswires, natural-gas futures edged higher Monday, as forecasters continued to call for warmer-than-normal temperatures.
Natural gas for August delivery recently traded up 4.6 cents, or 1%, to $4.445 a million British thermal units on the New York Mercantile Exchange.
Futures fell slightly early Monday but reversed course as traders looked past some moderating temperatures to more heat forecasts supportive of prices.
The central and south Plains remain in a pressure cooker of high temps, and that weather is expected to extend to the East later this week.
Robust supply has been visible in recent weekly storage data for natural gas, with some larger injections than expected.
Last week’s heat wave is expected to result in a smaller weekly storage injection report on Thursday, however, as demand for gas-fired power rose.
Commodity Prices ($) as of July 25
|EIA report for week ending 7-15-2011