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Natural gas futures broke sharply for a second day on Tuesday as investors continued to react to short-term weather forecasts calling for a cooling trend early next week.
“Weather forecasts show an upper ridge is expected to strengthen and expand across the southern and eastern United States next week, although recent data showed a weak weather system cutting through the ridge across the north-central part of the country early in the week. This is where the data has been a touch cooler”, NatGasWeather said.
NatGasWeather also says they expect the ridge to expand and strengthen late next week through early July, with widespread temperatures in the upper 80s to 100s making for strong national demand and where both the American and European weather models have been a little hotter in the most recent runs, especially over the Midwest and east-central United States.
With more heat expected in early July, NatGasWeather said it sees no reason why storage deficits will not remain near or above 500 Bcf through the next four weeks, “but whether they can noticeably increase on heat is about to be determined. We see this as being a very good test for how successful record production will be in countering periods of strong summer heat.”
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