Natural gas gained for a third consecutive day on Wednesday after weather forecasts continued to show above-normal temperatures in the U.S. over the next week.
On the New York Mercantile Exchange, natural gas for July delivery gained 0.40% on the day. The fuel traded at $3.921 per million British thermal units, ranging between daily high and low at $3.931 and $3.906 respectively.
Gas prices tend to rise during the summer season 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.
Market players are looking ahead at the Energy Information Administration’s weekly Natural Gas Storage Indicator report, scheduled for Thursday. In its report last week, the EIA said natural gas storage rose less than expected during the week ending June 7. Natural gas stockpiles jumped by 95 billion cubic feet to 2 347 billion according to the Energy Information Administration, compared to a 111 billion gain last week, when natural gas inventories reached at 2 252 billion cubic feet.
During the same week last year, natural gas stockpiles were 20% higher, totaling 2 934 billion cubic feet. Last week’s reading is also 2.4% lower compared to the five-year average of 2 405 billion cubic feet.
Elsewhere on the market, WTI crude went above the $99 per barrel mark. Light, sweet crude August futures traded at $99 a barrel at 8:15 GMT, marking a 0.33% daily gain. Prices ranged between days high at $99.21 and low of $98.49 per barrel.
Brent oil for August delivery also traded on the green side, gaining 0.21% for the day. The European benchmark stood at $106.24 at 8:17 GMT, ranging between daily high and low at $106.36 and $105.95 per barrel respectively.
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