(Updates with odds of Arlene redevelopment in last paragraph.)
July 1 (Bloomberg) -- The holiday weekend will bring “the hottest weather of the summer so far” to California and the U.S. West, while the East Coast will have the highest temperatures of the next two weeks, said Matt Rogers, president of Commodity Weather Group LLC.
Once the Fourth of July holiday passes, heat will blanket the interior sections of the country, with the Rocky Mountains region and Texas and Oklahoma recording the highest temperatures, Rogers, based in Bethesda, Maryland, said in a note to clients today.
Natural gas traders monitor weather forecasts to determine if temperatures may boost heating or cooling demand. A Bloomberg News survey of 18 analysts predicts futures will climb next week as hotter-than-normal weather spurs need for the power-plant fuel.
New York City may reach 91 degrees Fahrenheit (33 Celsius) this weekend, or 6.5 degrees above normal, according to MDA EarthSat Weather in Gaithersburg, Maryland. Boston temperatures will be below-normal for the first part of the weekend and then rise to 88 on July 3, EarthSat predicted.
Chicago’s high may hit 97 degrees today before the temperature falls into the 80s through July 10, according to EarthSat. Philadelphia and Washington will have their highest readings over the weekend and then stay close to 90 for the remainder of the week.
“Compared to the near-term, there should be less in the way of extremes, with most of the anomalies in the ‘above’ range versus ‘much above,’” EarthSat said. “In mid-July, however, even these ‘aboves’ generate plenty of cooling demand, which may be enhanced by a more humid setup along the East Coast at times.”
While the East moderates, heat will continue to build July 11 to July 15 with pockets of much-above-normal temperatures over Idaho and Montana and across northern Texas and Oklahoma, Rogers said.
Tulsa, Oklahoma, tied a record, first set 100 years ago, yesterday when it posted 29 days this month with temperatures at 90 degrees Fahrenheit (32 Celsius) or more, according to the National Weather Service. The only day that didn’t reach 90 was June 16 when the high was 87.
Rogers said weather in the tropics, also an area closely watched by traders, shouldn’t be a threat to U.S. gas and oil interests through next week. Tropical Storm Arlene, which went ashore in Mexico yesterday, has dissipated, according to the U.S. National Hurricane Center in Miami.
Arlene’s remnants have a 10 percent chance of re-forming into a storm in the eastern Pacific in the next two days and a near-zero chance of developing in the Atlantic, according to a center advisory shortly before 2 p.m. New York time.
--With assistance from Christine Buurma in New York. Editors: Charlotte Porter, Dan Stets
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