US natural gas futures up 8% on EIA report, higher demand - Breaking The News

US natural gas futures up 8% on EIA report, higher demand

15 June

1 min read

EPA-EFE/FILIP SINGER

US natural gas futures rose 8% on Thursday following the latest Energy Information Administration (EIA) report and expectations of increasing demand.

According to the EIA, for the week ending May 19, working gas in storage went up by 84 billion cubic feet (bcf) to 2,634 bcf. However, the figure came below market expectations of a 95 bcf gain. Separately, the June 23-30 heat wave is expected to boost demand for gas, which is used in electricity generation for air conditioning.

US natural gas futures were up 8.07% for July deliveries to sell at $2.54/MMBtu at 11:42 pm ET.

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