According to Bloomberg, this current rally is due, in part, to the predictions of meteorologists Matt Rogers at Commodity Weather Group in Bethesda, Maryland of a heat wave in Eastern U.S. this week. This might further raise the demand for electricity in the U.S.
There is also a recent report made by IEA about the Natural gas market: according to the report, the demand for natural gas may rise by over 50% by 2035 compared with the current demand levels.
The Nymex Henry Hub Future (Natural gas) short term (July delivery) continues to rise and its currently traded at 2.95% increase at $4.85 / mmbtu as of 17:05*;
The current Nymex crude oil price, short term futures (July 2011 delivery) is traded at $99.18 per barrel as of 16:14*.
The Dated Brent spot oil price declines by $1.32 per barrel and it is at $114.58 per barrel as of 16:25*.
Current gold price, short term futures (July 2011 delivery) is traded at $1,554.1 per t oz. a $11.7 increase or 0.76%, as of 16:55*.
Euros to USD is currently traded down at 1.4614 a 0.1375% decrease as of 17:03*.
The Canadian exchange rate compared with USD is traded up at 0.9785 a 0.0678% decrease as of 17:02*.
(* GMT)
For more on this subject:
- Natural gas prices outlook – 24 May
- Gold & Silver Price – Daily Outlook 6 June
- Weekly outlook for June 6 – 10