SEE MORE: Summer Fun for Natural Gas ETFs
“We’ve had so much heat hang around the East in particular, that’s really driven up power demand to record levels,” Kent Bayazitoglu, an analyst at Gelber & Associates, told the WSJ. “The weather is finally moderating, and that’s going to cause bigger injections” into storage.
Looking further out, a more temperate winter across most of the continental U.S. could further weigh on natural gas heating demand. According to The Weather Company, winter 2016-17 may be colder in the East but leftover warmth from the recent El Nino may linger in the U.S.
Dr. Todd Crawford, chief meteorologist with The Weather Company, believes New England and Upstate New York may see cooler-than-average December through February weather, but the rest of the lower 48 states could experience mild winter temperatures.
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