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Finishes January Up 31% As Sub-Freezing Temperatures Loom

NATURAL GAS
  • Natural gas finishes the session 5.1% higher at $4.874/mmBtu, completing a 31% monthly increase amid renewed optimism, due largely to an uptick in snowstorms in the Northeastern US where much of the gas consumption for heating comes from.
  • Below average temperatures in January and high LNG exports reduced U.S. working natural gas storage levels to below the five-year average again, after one of the warmest Decembers on record had boosted inventories to above the five-year average last month, the Energy Information Administration said on Monday.
  • Market participants may also be turning bullish on natgas due to sub-freezing temperatures that are expected to arrive this week in Texas, which could reduce production from some gas fields, keeping inventories in a deficit compared to the average.
  • Furthermore, ongoing uncertainty related to whether Russia may reduce gas supplies to Europe, forcing US producers to step up and fill the void, are adding even more price support.
Energy BulletsCommodities
Energy BulletsCommodities

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