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Natural Gas Climbs as Hurricane Dorian Expected to Send Heatwave

September 3, 2019 at 17:36 by Vladimir Vyun

Futures for natural gas climbed about 3% today. Some market analysts argued that Hurricane Dorian could not be the cause for the jump as it missed US gas rigs, causing no damage. Yet others speculated that the hurricane was indeed a bullish factor for the commodity as it is expected to bring a heatwave on both sides of the Atlantic Ocean. That should increase consumption of gas used in air conditioning.

Now, traders wait for a supply report from the US Energy Information Administration. Last week, US stockpiles of natural gas increased by 60 billion cubic feet, exceeding the forecast increase of 55 billion cubic feet. The report will be released on Thursday, as usual. Crude oil inventories data will be released on the same day instead of usual Wednesday, delayed due to the Labor Day holiday on Monday.

Futures for delivery of natural gas in October climbed 3.15% to $2.36 per million British thermal units as of 17:32 GMT on NYMEX today.

If you have any questions and comments on commodities today, use the form below to reply.

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