U.S. natural gas futures edged higher in early trading as above‑normal temperatures likely keep power‑sector demand elevated into next week.

Eli Rubin of EBW Analytics notes that next week could be the last strong cooling demand period before seasonal normals begin to wane late August. Commitment‑of‑traders data for the week ended July 28 showed a rise in speculator short positions, yet no substantial short‑covering event has occurred.

While risks are increasing, Rubin says there are few obvious near‑term bullish catalysts on the horizon. The build‑up to‑date has not yet translated into a significant market shift.

Nymex natural gas is up 0.8% at $2.769/mm Btu, reflecting modest gains amid steady demand expectations.