UPDATE 1-US natgas prices climb as hot weather outlook boosts power demand prospects

(Adds latest prices) June 7 (Reuters) - U.S. natural gas futures climbed 3% to a one-week high on Wednesday, as forecasts for warmer weather bolstered the demand outlook for the fuel to cool homes and businesses. Front-month gas futures for July delivery on the New York Mercantile Exchange rose 6.7 cents, or 3%, to settle at $2.329 per million British thermal units (mmBtu). Prices were rising "on a continued evolution of the weather outlooks for increasing gas demand from the power sector over the next three weeks," said Gary Cunningham, director of market research at Tradition Energy. Data provider Refinitiv forecast the number of cooling degree days (CDDs) in the coming two weeks to rise to 164, from the 153 CDDs forecast a day earlier, and above the 30-year normal of 147. CDDs measure the number of degrees a day's average temperature is above 65 Fahrenheit (18 Celsius) and provide a snapshot into likely demand for cooling. Refinitiv estimated natural gas consumption by the U.S. power sector to jump to 37.6 billion cubic feet per day (bcfd) this week from 31.8 bcfd last week, driving overall demand this week to 95.7 bcfd from 90.9 bcfd. Higher demand from power generators to produce electricity amid rising air conditioning use reduces the fuel available to go into storage for the peak winter heating season. That helps boost prices. "The fundamentals have us probably capped well under $2.40 on the July (contract) until something significant happens like a return of the LNG terminals which are currently down for maintenance," Cunningham said. Gas flows to the seven big U.S. LNG export plants fell to an average of 12.0 bcfd so far in June, down from 13.0 bcfd in May. That is well below the monthly record of 14.0 bcfd in April due to maintenance at several facilities, including Cheniere Energy Inc's Sabine Pass in Louisiana. Production, meanwhile, was seen staying largely stagnant at 102.2 bcfd this week from 103 bcfd last week, according to Refinitiv data, before edging up to 102.6 bcfd next week. Traders also awaited the U.S. Energy Information Administration's weekly gas storage report at 10:30 a.m. EDT (1430 GMT) on Thursday. Week ended Week ended Year ago Five-year Jun 2 May 26 Jun 2 average (Forecast) (Actual) Jun 2 U.S. weekly natgas storage change (bcf): 113 110 99 100 U.S. total natgas in storage (bcf): 2,559 2,446 1,988 2,197 U.S. total storage versus 5-year average 16.5% 16.6% Global Gas Benchmark Futures ($ per mmBtu) Current Prior Day This Month Prior Year Five Year Day Last Year Average Average 2022 (2018-2022) Henry Hub 7.60 6.54 3.60 2.26 2.22 Title Transfer Facility (TTF) 33.44 40.50 14.39 8.22 8.46 Japan Korea Marker (JKM) 29.72 34.11 14.31 9.21 9.27 Refinitiv Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days Two-Week Total Forecast Current Prior Day Prior Year 10-Year 30-Year Day Norm Norm U.S. GFS HDDs 10 11 10 13 17 U.S. GFS CDDs 164 153 183 155 147 U.S. GFS TDDs 174 164 193 168 164 Refinitiv U.S. Weekly GFS Supply and Demand Forecasts Prior Week Current Next Week This Week Five-Year Week Last Year Average For Month U.S. Supply (bcfd) U.S. Lower 48 Dry Production 103.0 97.5 89.8 102.2 102.6 U.S. Imports from Canada 6.8 8.7 7.9 7.0 6.9 U.S. LNG Imports 0.0 0.0 0.1 0.0 0.0 Total U.S. Supply 109.8 106.2 97.8 109.2 109.4 U.S. Demand (bcfd) U.S. Exports to Canada 2.5 2.5 2.3 2.2 2.2 U.S. Exports to Mexico 6.7 6.2 5.5 7.3 6.3 U.S. LNG Exports 13.3 12.0 6.0 11.9 12.5 U.S. Commercial 4.5 4.5 4.7 4.5 4.4 U.S. Residential 3.9 3.7 4.3 3.8 3.7 U.S. Power Plant 31.8 33.8 34.8 37.6 37.1 U.S. Industrial 21.1 20.7 21.1 21.2 21.2 U.S. Plant Fuel 5.1 5.1 5.1 5.0 5.1 U.S. Pipe Distribution 1.8 1.8 1.8 2.0 2.0 U.S. Vehicle Fuel 0.1 0.1 0.1 0.1 0.1 Total U.S. Consumption 68.4 69.7 71.9 74.3 73.6 Total U.S. Demand 90.9 90.4 85.7 95.7 94.5 U.S. weekly power generation percent by fuel - EIA Week ended Week ended Week ended Week ended Week ended Jun 9 Jun 2 May 26 May 19 May 12 Wind 10 9 8 12 5 Solar 5 5 4 5 5 Hydro 8 9 9 9 7 Other 2 2 2 2 2 Petroleum 0 0 0 0 0 Natural Gas 40 40 42 40 44 Coal 15 15 15 14 17 Nuclear 20 20 19 19 20 SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) Hub Current Prior Day Day Henry Hub 1.95 1.92 Transco Z6 New York 1.43 1.47 PG&E Citygate 3.44 3.48 Eastern Gas (old Dominion South) 1.42 1.41 Chicago Citygate 1.86 1.88 Algonquin Citygate 1.74 1.65 SoCal Citygate 2.89 2.79 Waha Hub 1.86 1.91 AECO 2.03 2.21 SNL U.S. Power Next-Day Prices ($ per megawatt-hour) Hub Current Prior Day Day New England 25.50 27.25 PJM West 29.00 38.25 Ercot North 40.75 31.50 Mid C 75.00 84.67 Palo Verde 31.50 32.25 SP-15 35.50 34.50 (Reporting by Deep Vakil in Bengaluru; Editing by Sriraj Kalluvila and Marguerita Choy)