Natural gas futures plummeted on Monday after weather services began forecasting a warming trend to settle in over the central and eastern swathes of the U.S.
On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.314 per million British thermal units, down 4.29%.
The commodity hit a session low of USD3.305 and a high of USD3.414.
Colder temperatures gripping the central and
eastern U.S. should thaw soon.
Updated weather forecast models released earlier pointed to milder temperatures setting in for mid-February, giving the U.S. Midwest and Northeast a break from recent blast of cold air.
The Commodity Weather Group predicted above-normal temperatures in the eastern half of the U.S. from Feb. 7 through Feb. 11.
Natural gas futures are very sensitive to weather reports in the U.S. winter.
The U.S. heating season running from November through March sees peak demand for gas.
About half of U.S. households use gas for heating purposes, according to Energy Department data.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in March were up 0.57% and trading at USD96.43 a barrel, while heating oil for March delivery were up 0.20% and trading at USD3.0549 per gallon.
Source : investing.com
On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD3.314 per million British thermal units, down 4.29%.
The commodity hit a session low of USD3.305 and a high of USD3.414.
Colder temperatures gripping the central and
eastern U.S. should thaw soon.
Updated weather forecast models released earlier pointed to milder temperatures setting in for mid-February, giving the U.S. Midwest and Northeast a break from recent blast of cold air.
The Commodity Weather Group predicted above-normal temperatures in the eastern half of the U.S. from Feb. 7 through Feb. 11.
Natural gas futures are very sensitive to weather reports in the U.S. winter.
The U.S. heating season running from November through March sees peak demand for gas.
About half of U.S. households use gas for heating purposes, according to Energy Department data.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in March were up 0.57% and trading at USD96.43 a barrel, while heating oil for March delivery were up 0.20% and trading at USD3.0549 per gallon.
Source : investing.com
Today’s most accurate tips for commodity
ReplyDeleteNATURAL GAS (26 DEC) TREND: BULLISH
RES 1: 270.50
RES 2: 274
SUPP 1: 259.50
SUPP 2: 256
STRATEGY: BUY ON DIPS
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