Natural gas kept rising on Monday and traded 1,91% higher at $4,133 per million British units amid weather forecasts for higher-than-average temperatures in the central parts of the U.S.
When warm weather is expected, natural gas surges as increased electricity demand to power air-conditioning calls for more supply of the fuel, which is used for a quarter of the U.S. electricity generation. Mild temperatures have the opposite effect. According to the Energy Information Administration, power generation accounts for 32% of U.S. gas demand and 50% of U.S. households use gas for heating.
Meanwhile gas price rally was limited by concerns of lower demand as last week the U.S. Energy Information Administration reported that the Natural Gas Storage rose by 99 billion cubic feet, which surpassed the expectations of a 95 billion cubic feet increase.
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