U.S. natgas futures up 2% as heat wave boosts cooling demand

July 25 (Reuters) - U.S. natural gas futures rose more than 2% on Monday driven by higher demand for cooling due to an ongoing heat wave in the United States. Front-month gas futures on the New York Mercantile Exchange (NYMEX) were up 12.5 cents, or 1.5%, to $8.424 per million British thermal units (mmBtu) at 9:44 a.m. EDT (1344 GMT), the contract hits its highest in over a month earlier in the session. "It is looking much warmer than normal, which is driving demand," Robert DiDona of Energy Ventures Analysis said. Virtually all of the contiguous United States experienced above normal temperatures in the past week, with further dangerously hot weather forecast. The U.S. heat wave followed record heat that killed hundreds if not thousands of people and sparked wildfires in Europe. "Bullish stance still advised in a market that should be approached strictly from the long side with upside now existing to the $9.00 area," Ritterbusch and Associates wrote in a note. Data provider Refinitiv said average gas output in the U.S. Lower 48 states has risen to 96.1 bcfd so far in July from 95.3 bcfd in June "Once the short term heat wave is over, traders will be focused on weather end of summer injection season levels are relative to the five year norm, which we're forecasting to be behind the five year average causing some fundamental tightness heading into the winter," DiDona added. The U.S. oil and natural gas rig count last week rose for a third week as high prices encouraged spending at the wellpad, boosting demand for some oilfield services companies. A repaired gas turbine will be installed in the Nord Stream 1 pipeline from Russia to Germany once it is returned after maintenance, and natural gas will then be supplied in "corresponding volumes", a Kremlin spokesman said. Week ended Week ended Year ago Five-year Jul 22 Jul 15 Jul 22 average (Forecast) (Actual) Jul 22 U.S. weekly natgas storage change (bcf): +30 +32 +38 +32 U.S. total natgas in storage (bcf): 2,431 2,401 2,709 2,761 U.S. total storage versus 5-year average -12.0% -12.0% Global Gas Benchmark Futures ($ per mmBtu) Current Day Prior Day This Month Prior Year Five Year Last Year Average Average 2021 (2017-2021) Henry Hub 8.39 7.81 3.82 3.73 2.89 Title Transfer Facility (TTF) 50.22 48.85 12.49 16.04 7.49 Japan Korea Marker (JKM) 38.10 38.10 13.77 18.00 8.95 Refinitiv Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days Two-Week Total Forecast Current Day Prior Day Prior Year 10-Year 30-Year Norm Norm U.S. GFS HDDs 4 3 2 2 3 U.S. GFS CDDs 235 257 207 210 203 U.S. GFS TDDs 239 260 209 212 206 Refinitiv U.S. Weekly GFS Supply and Demand Forecasts Prior Week Current Week Next Week This Week Five-Year Last Year Average For Month U.S. Supply (bcfd) U.S. Lower 48 Dry Production 96.3 96.3 96.6 93.4 85.6 U.S. Imports from Canada 8.1 8.3 8.1 8.2 8.1 U.S. LNG Imports 0.0 0.0 0.0 0.0 0.1 Total U.S. Supply 104.4 104.6 104.7 101.6 93.8 U.S. Demand (bcfd) U.S. Exports to Canada 2.2 2.4 2.2 2.0 2.3 U.S. Exports to Mexico 6.2 5.5 6.0 6.5 5.2 U.S. LNG Exports 10.8 10.7 9.9 10.8 4.5 U.S. Commercial 4.4 4.4 4.4 4.4 4.4 U.S. Residential 3.5 3.6 3.7 3.5 3.6 U.S. Power Plant 45.7 43.4 42.6 42.1 39.6 U.S. Industrial 21.3 21.3 21.3 21.0 20.8 U.S. Plant Fuel 4.8 4.8 4.8 4.8 4.7 U.S. Pipe Distribution 2.2 2.1 2.1 2.2 2.0 U.S. Vehicle Fuel 0.1 0.1 0.1 0.1 0.1 Total U.S. Consumption 82.0 79.6 78.9 78.1 75.2 Total U.S. Demand 101.1 98.22 97.1 97.4 87.2 U.S. weekly power generation percent by fuel - EIA Week ended Week ended Week ended Week ended Week ended Jul 22 Jul 15 Jul 8 Jul 1 Jun 24 Wind Solar Hydro Other Petroleum Natural Gas Coal Nuclear SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) Hub Current Day Prior Day Henry Hub 8.25 7.99 Transco Z6 New York 8.75 9.46 PG&E Citygate 8.97 8.89 Dominion South 7.70 7.47 Chicago Citygate 8.06 7.75 Algonquin Citygate 9.30 23.50 SoCal Citygate 8.76 8.71 Waha Hub 7.63 7.53 AECO 4.77 4.26 SNL U.S. Power Next-Day Prices ($ per megawatt-hour) Hub Current Day New England 155.75 240.50 PJM West 130.75 156.50 Ercot North 92.00 118.00 Mid C 126.00 59.33 Palo Verde 110.75 108.00 SP-15 105.00 92.75 (Reporting by Ashitha Shivaprasad and Bharat Govind Gautam in Bengaluru Editing by Bernadette Baum)