LONDON (Commodity Online) : US natural gas markets traded slightly higher again as hot temperatures continue to support the market. The prompt contract added 2 cents, to $4.85/MMBtu, and the forward curve was up a similar amount.
Calendar 2011 added 2 cents, to $4.97, and calendar 2012 increased a cent, to $5.19. The gas market continues to heat up, with record temperatures spiking demand. PJM was expecting peak demand on Wednesday of 144,895 MW, which would be a record for June.
The intensity of current heat in the East is likely to last through Thursday. The current heat wave should become less intense into next week, although Texas, in particular, should remain quite hot.
Expectations for Thursday's storage report are for an injection of between 71 and 85 Bcf, compared with last year's injection of 98 Bcf.
Cash prices were mixed, with Henry Hub holding steady at $4.83, SoCal border down a cent to $4.73, and Transco Zone-6 NY up $1.36 to $7.45.
