**Natural Gas Prices Reach Four-Week High Amid Hot Weather Forecasts**
On September 6, 2023, Nymex natural gas prices closed up by 1.37%, reaching a four-week high. The increase is attributed to a shift in weather forecasts predicting intensely hot temperatures across the US South and West through September 2, which is expected to elevate natural gas demand for electricity generation as air conditioning usage rises.
Key data from the day included a reported increase of 14 billion cubic feet (bcf) in US natural gas inventories for the week ending August 14, falling below the five-year average of 29 bcf. Meanwhile, US lower-48 dry gas production was recorded at 112.0 bcf/day, marking a 2.7% year-over-year increase, while demand stood at 83.6 bcf/day, up 4.3% from the previous year. The US Energy Information Administration anticipates that gas storage levels will reach 3,985 bcf by the end of October, the highest in a decade.
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