Nymex August natural gas prices are trading marginally higher Monday after ending Friday’s session unchanged at $2.874 per million British thermal units (Btu), after trading in a range between $2.829 and $2.911. Friday’s session managed to hold the previous day’s gains, although some market participants are calling a possible cooling off of demand over the next two weeks or so, which in turn could mean some higher storage injections. Despite some traders calling a short-term top to the market, natural gas prices have still risen 3.5% in the last five trading sessions, with decent weather demand advancing August futures above the September contract for the first time this year. Forecaster MDA EarthSat expects above normal temperatures to dominate the northern half of the country for the next two weeks, but readings of large gas users in southern states were projected to remain near normal. August natural gas futures retreated back moderately from highs of $2.888 per mln Btu in Asia this morning and held at session lows of $2.859. The market is currently trading $2.876 per mln Btu.
StockMarketNews Research Team