June natural gas opened 3 cents lower Monday morning as weather forecasts show no convincing trends, and risk managers are content to stand aside for the moment. Overnight oil markets rose.
Commodity Weather Group in its morning six- to 10-day outlook shows above and much above normal temperatures from New England into the Ohio Valley extending to the Southeast. A ridge of below normal temperatures is situated along the Continental Divide. "Today's estimated changes from last Friday are a bit stronger than expected thanks to more significant warmer changes in the East and sometimes Southeast, offset a bit by some cooler shifts at times in the West," said Matt Rogers, president of the firm.
"One stronger peak day to watch is Monday next week (day 8) when pre-frontal warming could surge the lower eastern PJM to the upper 80s (we are forecasting 88 F for Washington, DC) with a bit more humidity than expected this week. Texas continues to escape significant heat though and mostly leans toward the seasonal to cooler side with frequent rain risks."