MTECHTIPS;-U.S. natural gas futures kick off the week with strong

MTECHTIPS;-U.S. natural gas futures kick off the week with strong gains

MTECHTIPS-U.S. natural gas futures started the week with strong gains on Monday, as updated weather forecasting models pointed to increased summer demand in the weeks ahead. U.S. natural gas for August delivery was at $2.916 per million British thermal units by 9:11 AM ET (1311 GMT), up 5.0 cents, or around 1.8%. Natural gas saw a loss of roughly 5.6% last week amid bearish weather forecasts. Updated weather forecasting models released over the weekend showed temperatures over most of the country will warm back into the upper 90 s to 100 s Fahrenheit this week. Longer-term models showed the western, central, and southern U.S. will be very warm to hot through July 23, as high pressure dominates. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Nearly 50% of all U.S. households use gas for heating
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