Natural gas futures are heading higher in the June heat as the market looks beyond the large storage capacity

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With the June temperature outlook helping the market shake off the weekly inventory build, natural gas futures edged modestly higher in early trading on Friday.

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The July Nymex contract rose 1.6 cents to $2.837/MMBtu as of 8:30 a.m. ET. August rose 2.4 cents to $2.916.

Although the latest storage report from the U.S. Energy Information Administration (EIA) showed inventories rising faster than expected in the week ending May 31, forecasts early Friday predicted robust cooling demand in the second half of June.