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Natural Gas Rises as Hot Forecasts Look to Support Cooling Demand

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Natural gas futures rose early on Wednesday as hot forecasts look to keep cooling demand high.

Gas for August delivery was last seen up $0.04, or 1.5%, to $2.91 per million British thermal units.

The rise comes as long-term forecasts from the National Weather Service expect nearly all states to be hotter than seasonal over its six to 14 outlook, keeping heating demand high.

Still, supply remains robust. The Energy Information Administration last week reported US stocks of the fuel stood at 3.021-trillion cubic feet, 6.4% above the five-year average.

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