The price of natural gas yesterday increased by 3.02% to 218.6 due to predictions that the weather would continue to be hotter than usual until early September, which will keep air conditioning demand high, particularly in Texas. Even though it was anticipated that demand would decline over the following two weeks, that price rise still took place.
A tropical storm could develop in the Gulf of Mexico this week and hit the South Texas coast in a few days, according to forecasts from the U.S. National Hurricane Centre (NHC). The average petrol output in the Lower 48 States of the United States has decreased from 101.8 billion cubic feet per day (bcfd) in July to 101.7 bcfd thus far in August, according to data provider Refinitiv. In May, there was a monthly record of 102.2 billion cubic feet of gas.
The Lower 48 States’ weather is expected to stay mainly hotter than normal through at least September 5. Although temperatures will continue above average for weeks, Refinitiv predicted that a seasonal softening of the weather would cause U.S. petrol consumption, including exports, to decline from 102.6 bcfd this week to 101.8 bcfd next week. These predictions were lower than Refinitiv’s Friday outlook.
