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Natural gas traded near $2.61 per mmBtu, higher for a second day, and broke above its October trading range. The move was driven by colder-than-normal US weather forecasts after months of record shale output.
Arabica coffee also traded above $1 per pound on a stronger Brazilian real and a forecast 2019-20 deficit.
Colder forecasts are reviving winter heating demand, which could ease pressure on storage that has been filling faster than normal. The gas move is a short-term technical and weather-driven shift rather than a change in the supply overhang.
home.saxoOle HansenOct 29, 2019Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Gas broke above its October trading range for a second day on colder US forecasts, which signals technical and demand-driven buying.
Reports natural gas breaking above its October range on colder-than-normal forecasts, confirming the weather-driven demand rally and technical breakout.
