# Daily Commodity Update | Saxo

> 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.

- Date: 2019-10-29 · published 2019-10-29T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/12165-daily-commodity-update-saxo
- Commodities: [Natural Gas](https://feedsoft.ai/c/NATGAS.md)

## Why it matters

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.

## Read by commodity

- NATGAS: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| NATGAS | 2019-10-31 | 5 | +19.4% | 2.9 | Gas broke above its October trading range for a second day on colder US forecasts, which signals technical and demand-driven buying. |
| NATGAS | 2019-10-28 | 1 | +8.2% | 3.0 | Reports natural gas breaking above its October range on colder-than-normal forecasts, confirming the weather-driven demand rally and technical breakout. |

## Sources

- home.saxo: https://www.home.saxo/content/articles/commodities/daily-commodity-update-29102019

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.