Nevertheless, forecasters project a fourth straight day of demand gains ahead of above-average temperatures across Northeastern U.S. High temperatures will persist in Texas and the Southeast this week.
“This is expected to stoke air-conditioning demand for natural gas, as well as usage from the power generation sector,” research consultancy the Hightower Report said in a note.
Weather forecasting models predict warmer-than-normal temperatures across the east, central and southern U.S. after August 20 through the end of the month, which could drive electricity demand for cooling – natural gas makes up about a quarter of U.S. electricity generation, Investing reports.
United States Natural Gas Fund
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Max Chen contributed to this article.