It was a roller-coaster ride for natural gas prices to end the week, with the August contract up as much as 4 cents on the day at one point before sellers stepped in, sending it to a daily decline of 1.6 cents, forming a shooting-star candle for the day.
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Despite today's close, prompt month prices did rise just over 5.5% for the week, thanks in part to a notably hotter weather shift in forecasts for the early part of July. The current 6-10 day period from the latest GEFS model looks like this:
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Contrast that with what the model showed 6 days ago for the same period:
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Notice the large hotter shift, especially in the Southeast, one critical region for natural gas demand.
Those hotter trends had come to a halt in the last couple of model cycles, with our net GWDD (weather demand) change slightly lower this morning.
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