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Heat Wave!

So if you live in any part of the United States, you know its hot. Natural gas prices have been soaring in recent days due to record breaking heat. A few months ago meteorologists had forecasted a cooler than average summer, however that was wrong. According to James Roemer of Seeking Alpha, expect a cooler or more normal end to July and August. Roemer states that this means lower natural gas prices due to less demand.

In the graph you can see the increase in demand for energy in New York. During the hottest days, June 15, 16, 17, and 18, energy consumption has spiked.  If forecasters are correct on their predictions for a cooler August, will natural gas prices thank?