09:44 AM EDT, 08/02/2024 (MT Newswires) -- Natural gas prices were up early on Friday after a day-prior report showed a smaller than expected rise in storage. Gas for September delivery was last seen up US$0.05 to US$2.01 per million British thermal units.

The Energy Information Administration on Thursday said inventories of gas stored for winter use rose by 18-billion cubic feet last week, leaving stocks at 15.7% above the five-year average.

The "weekly natural gas storage report for the week ending July 26 showed an 18 Bcf injection, lower than consensus median expectations for 31 Bcf, which left total gas in underground storage at 3.249 Tcf, now just barely within the five-year historical range (but still 252 Bcf higher than last year and 441 Bcf above the five-year average)", Christopher Louney, a commodities strategist at RBC Capital Markets, noted.

Long-term forecasts from the National Weather Service see most northern states east of the Rocky Mountains with seasonal or cooler temperatures over the next six to 14 days, easing cooling demand. However the National Hurricane Center is tracking a disturbance over Cuba that has a 60% chance of forming a tropical storm or hurricane over the next 48 hours.