As cooler overnight forecast trends sapped the momentum from an early-week rally, natural gas futures were down in morning trading Tuesday. After rallying 7.3 cents in the previous session, the July Nymex contract was off 5.9 cents to $2.186/MMBtu at around 8:40 a.m. ET.
After trending hotter over the weekend, weather models reversed cooler overnight, with cooling degree day losses in both the American and European datasets, according to NatGasWeather.
Models continued to advertise light demand for natural gas nationally through June 13-14 amid widespread comfortable high temperatures in the 60s to 80s, the firm said.
“While the weather data wasn’t quite as hot for June 15-20,” models “still forecast heat building across Texas, the South and the Southeast with highs...
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June 06, 2023 at 07:55PM
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Models Back Off on Mid-June Heat as Natural Gas Futures Fall Early - Natural Gas Intelligence
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