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U.S. natural gas futures rose about 2% to $2.755 per mmBtu as daily LNG feedgas flows increased and forecasts called for hotter-than-normal weather through mid-July, especially in Texas. ERCOT reported record power use during a Texas heat wave, and gas-fired plants supply about half of the state's electricity.
European TTF prices also rose about 11%.
Higher summer power burn and firm LNG export demand tighten U.S. gas balances, supporting Henry Hub prices. Feed buyers see this mainly through higher energy and drying costs.
energynow.comJun 30, 2023After 221 past bullish weather events, Natural Gas moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
