Looking ahead, updated weather forecasting models suggest warmer-than-normal temperatures in the northern U.S. in late August, which could help boost demand.
Additionally, the National Hurricane Center warns that stormy weather in the Caribbean could develop into tropical cyclones over the Gulf.
“We already priced in the cooler weather, so the market may be putting a bit of hurricane premium into prices,” Flynn added.
United States Natural Gas Fund
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Max Chen contributed to this article.