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Natural Gas Rises as Forecasts See Hot Weather on the Way

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Natural gas futures rose early on Wednesday as long-term forecast see hot weather coming for eastern states, boosting cooling demand.

Gas for July delivery was last seen up US$0.02 to US$3.17 per million British thermal units.

The rise comes as long-term forecasts from the National Weather Service expect all states east of the Rocky Mountains to see hotter than seasonal temperatures over its six to 14 day outlook, with the hottest weather expected to be in big Midwest markets.

The heat will offer a boost to electricity demand for air-conditioning. Still, stocks remain robust, with the Energy Information Administration last week reporting inventories of the fuel stood at 2.76-trillion cubic feet, 5.8% above the five-year average.

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