Natural gas prices rose as forecasts indicated hotter weather over the weekend, increasing demand for power-plant fuel due to higher air-conditioning use. The month is on track to eclipse 2007 for the hottest population-weighted August on record, according to Commodity Weather Group. Output 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 natural 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.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing