Markets

Natural gas futures rose Thursday morning after the Energy Information Administration (EIA) reported a storage injection that was somewhat less than what the market was expecting.

Most traders Thursday attempted to get their deals done before the release of Energy Information Administration (EIA) inventory figures, and with most of the hot weather baked into the market, prices moved little.

Southern California Gas Co. (SoCalGas) continues to test wells at the shuttered Aliso Canyon underground natural gas storage field and hopes to be given permission to restore at least partial operations there by the end of summer, the company said.

Unless shale drilling activity increases meaningfully or natural gas prices spike, Pennsylvania’s 2016 impact fee collections from producers could again decline, the state’s Independent Fiscal Office (IFO) said in a report.

Natural gas for Thursday delivery was mostly lower in Wednesday’s trading as double-digit average advances at Northeast points were unable to counter broad declines in Texas, Louisiana, the Midcontinent and Midwest.

August natural gas is expected to open 4 cents lower Wednesday morning at $2.69 as traders are willing to concede downside territory even though increases in weekly supply figures continue to fall well below historical averages. Overnight oil markets fell.

August natural gas is set to open 5 cents higher Tuesday morning at $2.77 as traders mull heat indexes that are expected to be well into triple digits by mid-week. Overnight oil markets rose.

The summer heat blanketing the central U.S. might be keeping air conditioners humming and power loads lofty, but as far as the price of next-day natural gas, not so much.

August natural gas is set to open a penny higher Monday morning at $2.77 as forecasts call for no new incursions of warmth and risk managers suggest forward sales. Overnight oil markets eased.