July Nymex natural gas (NGN26) on Thursday closed up +0.190 (+6.14%).
Nat-gas prices rallied to a 2.5-month nearest-futures high on Thursday and settled sharply higher on a smaller-than-expected weekly storage increase. EIA nat-gas inventories rose +92 bcf in the week ended May 22, below expectations of +96 bcf. Nat-gas prices added to their gains after updated weather forecasts turned hotter, potentially boosting nat-gas demand from electricity providers to power increased air-conditioning usage. The Commodity Weather Group said Thursday that above-average temperatures are expected across the West and Midwest from June 2-11.