Strong pricing bodes well for Keyera for the balance of the year.
09:28 AM EDT, 07/09/2021 (MT Newswires) -- Benchmark natural gas rose to a 30-month high early on Friday following a bullish inventory report and forecasts for hot weather.
Gas for August delivery was last seen up US$0.03 to US$3.72 per million British thermal units, the highest since December, 2018.
The rise comes a day after the Energy Information Administration reported gas inventories rose by a less than expected 16-billion cubic feet last week, leaving stocks at 2.57-trillion cubic feet, 6.9% under the national average.
Forecast continue to expect hot weather, boosting demand already strained by high exports.
"National demand will again become strong next week as upper high pressure builds back across the East w/the return of highs of upper-80s to 90s, while still hot over the West, and warm, showery, and humid over the central US due to a stalled wx system. Overall, MODERATE-HIGH national demand through the weekend, then HIGH next week," NatGasWeather noted.