The Gas prices have been high on the second day and the subsequent gains are likely to climb higher according to the latest weather models which have turned hotter for the next week.
The September Nymex Gas figures had reached USD 4.027 on Tuesday which was a rise of 9.2 cents on the day. The same figures climbed up in the month of October by 9.4 cents to reach at USD 4.032.
There was a spike in the prices of the spot Gas but there was a small decline in the Midwest and other parts of the western United States. The NGI’s spot Gas witnessed a rise in the National Avg by 8.5 cents to reach USD 4.000.WIth rising heat this summer, reaching its peak this month, Gas market developments such as the soaring prices are significantly attributed to the heat wave.
There were some minor changes in the weather models on Tuesday, as per the latest report. As per the data by American and Europe organizations, there is a difference of about less than 2 degrees days for the coming 15 days as compared to the data on Monday. The models have been quite hot with the pattern for the US on Saturday through the month of August. However, as per the midday Global Forecast System model, the estimate showcases even hotter for the next week and the week after that.