On Thursday , U.S. natural gas futures increase to a three-week peak, following statistic presented that natural gas supplies in storage in the U.S. increase lower than estimate the previous week.
Delivery of Natural gas in September on the New York Mercantile Exchange reached an intraday peak of $2.848 per million British thermal units, the most since August 4.
It was last at $2.826 by 10:32AM ET (14:32GMT), up 3.0 cents, or 1.11%. Futures were at approximately $2.829 prior to the posted of the supply data.
The U.S. Energy Information Administration stated in its weekly report that natural gas storage in the U.S. increase by 11 billion cubic feet in the week ended August 19, below anticipations for an increase of 18 billion.
That compared with an increase of 22 billion cubic feet in the preceding week, 67 billion a year earlier and a five-year average of 66 billion cubic feet.
Total U.S. natural gas storage raised at 3.350 trillion cubic feet, 8.3 percent higher than levels at this time last year and 8.2% above the five-year average for this time of year.
in the meantime, prediction for warmer than normal temperatures across most parts of the continental U.S. in the days ahead given additional assistance.
So far this week, Natural gas futures are up approximately 10% as traders reacted to forecasts for scorching heat across most of the country through September 5.
According to AccuWeather, the high in Washington DC on September 1 is anticipated to be 87 degrees Fahrenheit (31 Celsius), three more than normal.
Demand for natural gas have a tendency to increase in the summer months as warmer temperatures surge the need for gas-fired electricity to power air conditioning.
Cited from http://fsmnews.com/