U.S. Natural Gas Futures Steady to Start the Week

Dow Jones
08/03

0940 ET - U.S. natural gas futures edge up in early trading with above normal temperatures likely to support power-sector demand into next week. Next week "may prove the last best chance for national cooling demand this summer before underlying normals begin to wane seasonally into late August," Eli Rubin of EBW Analytics says in a note. Commitment of traders data for the week ended July 28 showed an increase in speculator short positions. "The build-up to-date has yet to result in a substantial short-covering event," and while risks are increasing "there are few obvious near-term bullish catalysts on the horizon," Rubin adds. Nymex natural gas is up 0.8% at $2.769/mmBtu.

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