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US natural gas futures rose over 6% for a second straight day, settling at $2.597 per mmBtu, the highest close since September 18. The rally followed forecasts that cold weather across much of the country would persist through mid-November, which could bring earlier storage withdrawals.
Traders noted the front-month was technically overbought.
Colder forecasts raise expected heating demand and draw on storage, supporting prices into winter. Gas is a key fuel for power generation, so a sustained cold outlook also tends to lift feed-grain and energy-linked costs.
energynow.comReuters29 oct 2019Tras 221 eventos alcista de clima pasados, Gas natural se movió una mediana de +3,3 % en 5 sesiones (61% al alza; mitad central entre -5,2 % y +14,0 %), y -0,3 % en 20.
Variaciones de la referencia de cada materia prima desde el último cierre antes del evento. Las lecturas históricas agrupan eventos pasados del mismo tipo; describen lo ocurrido, no lo que ocurrirá. No es asesoramiento de inversión.
Futures surged over 6% for a second day to the highest close since mid-September on cold forecasts through mid-November that could bring earlier storage withdrawals (weather-driven demand).
Cold November forecasts lifted front-month futures over 6% in consecutive sessions, with the move extending through the 2019-10-28 window and raising expected heating demand and earlier storage withdrawals.
