Hotter US Weather Forecasts Drive Up Natural Gas Prices
Natural gas prices rose in October as forecasts for hotter weather across the U.S. South increased expectations of higher electricity demand from air conditioning use. The Commodity Weather Group noted a shift toward above-average temperatures through September 28, which could boost natural gas consumption by power generators. In addition to domestic factors, European natural gas prices surged to a 3.75-year high due to reduced Middle East supplies and low storage levels ahead of winter heating season. However, long-term bearish pressure remains from the anticipated
Topics: energy market movement weather impact