June Heat Helps Natural Gas Futures Hold Onto Gains Early
Coming off a strong rally in the previous session, natural gas futures hovered close to even early Wednesday as forecasts maintained strong heat for the second week of June. The July Nymex contract was up 1.4 cents to $3.118/MMBtu at around 8:50 a.m. ET.
Projections from the European weather model lost several cooling degree days (CDD) overnight for the June 13-17 time frame, according to NatGasWeather. This would see heat ease compared to projected temperatures for Sunday through June 12, which remained “plenty hot enough to satisfy” natural gas markets in the firm’s latest forecast.