The June natural gas contract ground higher yet again today following a supportive EIA print last Thursday and continued warm forecasts for the second half of May. 

Unlike Friday, today's move was prompt-led as well. 

This move comes as Gas Weighted Degree Days (GWDDs) are likely to remain a bit above average through the next couple of weeks, as seen in our Morning Update today. 

Expectations of heat limiting future storage injections has certainly played a role in the recent bid prices have received, as have observations of heat over the last few days that have increased power burns. However, before the heat the last few days we saw very limited weather-driven natural gas demand this past week. 

The result is an expectation that Thursday the EIA will announce the largest storage injection to date. Already we have seen Dominion Transmission (DTI) announce their largest injection thus far of 10 bcf. 

As seen in our Weekly Natural Gas Report today, national stockpiles remain far below average currently, making the rate of future injections increasingly important as well. 

Of course, after Thursday's announced injection we will have to factor in some more of the heat that we are expecting the next couple weeks, which could increase power burns again and limit further injection size. In our Note of the Day and Afternoon Updates today we looked at how forecasts were likely to change over the next couple of days and how that could impact natural gas prices.