10:08 AM EDT, 09/13/2024 (MT Newswires) -- Natural gas traded at the highest in more than two months early on Friday as Hurricane Francine shut in 53% of Gulf of Mexico supply and a day-prior report showed inventories rose less than expected last week.

Gas for October delivery was last seen up US$0.03 to US$2.39 per million British thermal units, the highest since July 3.

The rise comes as Francine shut in 991.68 million cubic feet of gulf gas production, more than half of the region's normal output, the Bureau of Safety and Environmental Enforcement reported on Thursday.

A lighter than expected rise to U.S. inventories of the fuel stored for winter use is also supporting the fuel's price. The Energy Information Administration on Thursday reported stocks last week rose by 40-billion cubic feet, under the consensus estimate for a 46-billion cubic foot rise, according to NatGasWeather. The injection left inventories at 3.39-trillion cubic feet, 9.6% above the five-year average.

Long-term forecasts from the National Weather Service expect most states east of the Rocky Mountains to be warmer than seasonal over the next two-weeks, offering additional cooling demand ahead of the fall shoulder season.