08:34 AM EDT, 06/28/2024 (MT Newswires) -- Natural gas prices moved higher early on Friday after a day-prior storage report matched expectations while long-term forecasts continue to expect above-average temperatures for most states. Gas for August delivery was last seen up US$0.07 to US$2.76 per million British thermal units.

The rise follows on Thursday's release the Energy Information Administration's weekly storage report. The report showed inventories of the fuel stored for winter use rose by 52-billion cubic feet, matching expectations and leaving stocks at 3.1-trillion cubic feet, 20.6% above the five-year average.

Long-term forecasts from the National Weather Service see seasonal temperatures for most northern states over the next six to 10 days, though the Northeast and the remainder of the country are expected to see hotter than usual temperatures, with heat becoming the dominant theme in the market.

"Forecast data continues to suggest a strong likelihood that the current season will conclude with temperatures

above the historical average, maintaining the trend of an unusually warm season. This suggests that the demand for cooling is likely to push summer power burn to record levels this summer," RBC Capital Markets analyst Scott Hanold said in a note.