NYMEX August natural gas futures rose Monday as warmer-than-average temperatures are expected for the US, a change from last week’s cooler-than-average forecast. The August contract settled at $2.929/MMBtu, up 6.5 cents from Friday’s close. Phil Flynn, senior market analyst at Price Futures Group, said the rise in price was most likely weather-related, as a bearish temperature outlook has taken a more bullish tone. The most recent eight- to 14-day weather outlook from the National Weather Service calls for warmer-than-average temperatures for much of the US. Flynn said the expectation of cooler weather was “already priced in” to the market, causing prices to jump amid the warmer-than-average temperature forecast. Flynn said a tropical disturbance has emerged off the coast of Africa, and though it is unknown whether the storm will impact the US, it serves as a reminder the US is in the midst of hurricane season. According to the […]