Natural gas futures rose 6.1% Thursday to settle at their highest price since winter. The rise follows a U.S. Energy Information Administration report showing a smaller-than-expected injection of fuel into storage facilities last week and weather forecasts of hotter weather to sweep across the country after next week.
Unlike oil prices, prices for natural gas have remained subdued during the Iran war because ample inventories and strong domestic production have offset a rise in exports. That could change as Americans start to turn on their air-conditioners.
The EIA in a separate report Thursday said it expects the volume of gas burned to generate electricity this summer to be similar to last year despite greater power consumption, thanks to increased output from renewable sources such as wind and solar.
