Bloomberg Businessweek reported that today natural gas futures rose the most in two months on the back of “forecasts for above-normal temperatures.”
As quoted in the market news:
Hotter-than-usual weather may blanket parts of the eastern and central U.S. through Sept. 3, said MDA Weather Services in Gaithersburg, Maryland. Gas inventories were 17 percent below the five-year average in the seven days ended Aug. 15, the biggest deficit for the time of year since at least 2005.
Natural gas for September delivery rose 9.7 cents, or 2.5 percent, to $3.937 per million British thermal units on the New York Mercantile Exchange. The percentage gain was the biggest since June 12. Volume for all futures traded was 10 percent below the 100-day average at 2:45 p.m. Prices are up 13 percent from a year ago.
Get Our Expert Guide to Oil Investing FREE!Download this FREE Special Report, Oil Investing: Oil Price Forecast and Oil Deposits Around the World