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Front-month Henry Hub natural gas futures rose more than 13 percent on Monday, reaching a session peak of $3.539 per mmBtu, their highest since Dec. 27.
Updated forecasts showed below-average temperatures persisting for two weeks as the cold spread from the Midwest toward the East Coast.
Heating demand is expected to rise while US gas stockpiles come under renewed pressure, supporting prices. Persistent cold forecasts give the market reason to bid natural gas higher.
cnbc.comTom DiChristopherJan 14, 2019After 221 past bullish weather events, Natural Gas moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
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.
Updated forecasts of two weeks of below-average temperatures lifted heating-demand expectations and pushed Henry Hub futures up more than 13% on the day, directly matching the move.
