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US Natural Gas Rises on Record-Breaking Heat, Lower Output

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US Natural Gas Rises on Record-Breaking Heat, Lower Output US natural gas increased, extending gains from the previous session, as forecasts shifted hotter over the weekend, indicating higher demand for the power-plant fuel as consumers ramp up their air-conditioning use. The month is now on track to eclipse 2007 for the hottest population-weighted August on record, according to the private forecaster Commodity Weather Group. Output also fell over the weekend, led by declines in the...

US Natural Gas Rises on Record-Breaking Heat, Lower Output US natural gas increased, extending gains from the previous session, as forecasts shifted hotter over the weekend, indicating higher demand for the power-plant fuel as consumers ramp up their air-conditioning use. The month is now on track to eclipse 2007 for the hottest population-weighted August on record, according to the private forecaster Commodity Weather Group. Output also fell over the weekend, led by declines in the Appalachian production region driven by uneconomic prices for short-term delivery. The Tetco M-2 Receipts index, a key indicator for Appalachia gas prices, fell Friday to $1.61 per million British thermal units, a 50% decrease from levels seen in June and the first half of July.
US (LOCATION) Commodity Weather Group (ORG) Appalachian (ORG) Appalachia (LOCATION) British (ORG)
Originally published by Bloomberg Markets Read original →