**Natural Gas Prices Rise Amid Hot Weather Forecasts**
On Wednesday, October Nymex natural gas closed at $2.93, up by 1.79% or $0.052, driven by higher demand for electricity as hotter weather is anticipated across the Midwest and East from September 7-11. Additionally, forecasts indicate a lower-than-average seasonal build in U.S. natural gas storage, with the upcoming EIA report expected to show an increase of 32 Bcf for the week ending August 28, below the five-year average of 37 Bcf.
Current U.S. dry gas production is reported at 113.2 Bcf/day, reflecting a year-over-year increase of 3.4%, while demand stands at 79.5 Bcf/day, up 7.6% from last year. Furthermore, electricity output for the week ending August 29 rose by 12.56% year-over-year to 96,357 GWh. However, the EIA projects that natural gas storage levels could reach 3,985 Bcf by the end of October, marking the highest levels in a decade and 5% above the five-year average.
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