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Natural gas prices advanced in July bidweek trading as forecasts called for strong early summer heat to further intensify and cover more of the Lower 48 in the month ahead, offsetting rising production volumes and stout supplies in storage.
NGI’s July Bidweek National Avg. climbed 40.0 cents month/month to $2.215/MMBtu. That was down from $2.560 a year earlier.
Trading for the latest bidweek period spanned June 24-26. Weather conditions proved mostly hot across the southern two-thirds of the Lower 48 in that span. National Weather Service (NWS) forecasts call for more of the same through the first half of July, with the heat spreading further to the northern third of the country. NWS outlooks also repeatedly have predicted above-average national temperatures for the summer overall.
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