As traders continued to try to price in a hot mid-June pattern, albeit with updated forecasts showing heat easing later in the month, natural gas futures were modestly higher in early trading Wednesday. The July Nymex contract was up 5.3 cents to $9.346/MMBtu at around 8:50 a.m. ET.
The American and European weather models maintained “impressively hot” temperatures over the Lower 48 for next week in their overnight runs, according to NatGasWeather. However, models eased back on the amount of heat projected for the East during the June 18-22 time frame, resulting in a drop in cooling demand expectations, the firm said.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago.