MTECHTIPS;-U.S. natural gas futures extend rally as July heatwave spreads

MTECHTIPS;-U.S. natural gas futures extend rally as July heatwave spreads

MTECHTIPS-U.S. natural gas futures rose sharply for the second day in a row on Tuesday, as updated weather forecasting models continued to point to increased summer demand in the coming weeks. U.S. natural gas for August delivery was at $2.989 per million British thermal units by 9:25 AM ET (1325 GMT), up 6.1 cents, or around 2.1%. It touched its highest since July 5 at $2.992 earlier. Natural gas jumped more than 2% on Monday amid bullish weather forecasts. Updated weather forecasting models showed temperatures over most of the U.S. will warm back into the upper 90 s to 100 s Fahrenheit this week. Longer-term models showed the western, central, and southern U.S. will be very warm to hot through July 23, as high pressure dominates. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Nearly 50% of all U.S. households use gas for heating

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