US NatGas Futures Sharply Higher Early on Warmer Forecast
8/03 9:38 AM
US NatGas Futures Sharply Higher Early on Warmer Forecast CANYON LAKE, Texas (DTN) -- U.S. natural gas futures prices moved sharply higher in early trade Monday, boosted by a forecast for warmer, more humid weather during the upcoming weekend and early next week. Nearby delivery month NYMEX Henry Hub natural gas futures traded midmorning Monday at a near 13-week spot high $2.002 MMbtu, up 20.3cts from Friday's settlement, while the October contract was up 18.4cts at $2.141 MMbtu. A DTN Weather forecast Sunday (8/2) showed a warmer forecast than just two days prior. "Both the 6-10 and 11-15 day periods are somewhat warmer than the forecast from Friday for the same calendar days," DTN Weather said. "That combined with all the cooler days shifting into the 2-5 day period results in a much warmer looking 6-10. While no intense heat is forecast across the eastern half of the country, most areas look to return to at least slightly above normal levels and higher humidity," DTN Weather said in its forecast on Sunday. A marginal strengthening of LNG exports is also supporting stronger U.S. natural gas prices on Monday, a market source told DTN. About 45 U.S. LNG cargos are expected to be cancelled in August, down from approximately 50 in July. Alton Wallace, 1.832.646.9229, (c) Copyright 2020 DTN, LLC. All rights reserved.
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