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Natural Gas Adds Another 4% As Long-Range Cold Weather Lifts Prices

Natural gas futures are extending their huge rally on Tuesday, driven by long-range weather outlooks, and investors continuing to react to the latest forecasts anticipating wintry weather blanketing many parts of the US. With the massive snowstorm slamming the northeast, the bulls have taken over the natural gas market from the bears. Can this be sustained throughout February?

March natural gas futures surged $0.112, or 3.93%, to $2.962 per million British thermal units (btu) at 13:56 GMT on Tuesday on the New York Mercantile Exchange. Natural gas prices had soared as much as 13% to kick off the trading week, bringing its gains to more than 16% in the first trading weeks of 2021.

It turns out that Old Man Winter has not said goodbye. After investors gave up on freezing temperatures during an above-average season, there has been a dramatic turnaround in the weather for the next couple of weeks. This was further amplified during the major snowstorms in New York, New Jersey, Boston, Washington, and other highly populated areas on the east coast.

According to industry observers, some polar air traveled to the US, Canada, and Europe. And the forecasters warn that there could be another round of even colder air by the middle of February, mostly situated in the Midwest and the East.

Bespoke Weather Services wrote in its report:

When considering that the selloff Friday seemed overdone even before these changes, the recipe was there for a large move, and it may not be finished yet, as there is potential for additional cold around the middle of the month, though location is unclear.

But are investors already pricing in the cold temperatures? Market analysts say that the odds of further price hikes over the next several trading sessions are high.

Energy demand is predicted to soar in the coming days as households attempt to stay warm. However, the US still possesses vast stocks, with inventory levels still above the five-year average of 2.637 billion cubic feet. Should the supply drawdown over the next two weeks beat market forecasts, natural gas prices could test a four-month high of $3.32.

In other energy commodities, March West Texas Intermediate (WTI) crude oil futures surged $1.34, or 2.5%, to $54.89 per barrel. April Brent crude futures tacked on $1.31, or 2.32%, to $57.66 per barrel. March gasoline futures picked up $0.0292, or 1.84%, to $1.6193 a gallon. March heating oil futures added $0.0284, or 1.72%, to $1.6753 a gallon.

If you have any questions and comments on commodities today, use the form below to reply.


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source https://www.earnforex.com/commodities/natural-gas-adds-another-4-as-long-range-cold-weather-lifts-prices/

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