📈U.S. temperature forecasts lower than expected in early January support natural gas prices
NATGAS natural gas price-based futures contracts are gaining nearly 8% in early Monday trading after NOAA reported updated weather forecasts that point to significantly cooler temperatures in the US than previously expected.
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Open account Try demo Download mobile app Download mobile appMeteorologists expect significant cooling on the East Coast with a near 95% probability. The data could increase demand for heating fuels and run power plants more. These below-normal temperatures are expected to persist until at least mid-February. Source: Bloomberg Financial LP
NATGAS started trading with a bullish upward gap, which with its range knocked out the local peaks recorded last November. From a technical perspective, the commodity has maintained a stable upward trend all along.
Source: xStation
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