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Market Watch: Warmer Forecasts Send Nymex Higher
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September gas futures jumped 13.2¢ Monday to $2.794 per million Btu.
“The latest weather outlook added meaningful demand across the six- to 15-day period, extending above-normal temperatures deeper into August and keeping weekday consumption elevated through midweek,” Gelber & Associates said.
“Cooling demand should still soften as temperatures retreat toward seasonal norms later in the month, but the warmer revision reduces some of the downside risk that had weighed on prices last week.”