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US Natgas Extends Gains on Cold Weather Forecast

NATGAS

US Natgas extends gains with higher demand expected due to the arrival of more cold weather.

  • The weather forecast shows cold weather across western areas in the 6-10 day period spreading across most of the country in the second week of the outlook.
  • The drop in temperatures will boost demand from today’s below seasonal normal consumption due to the current warmer weather.
  • The US Natgas front month price has now recovered all of the losses from earlier in the week.
  • Constraints in the Permian Basin are limiting US production growth while local supply pressures have pushed prices in California up to more than five times the price of Henry Hub according to Bloomberg.
    • US Natgas JAN 23 up 6% at 6.32$/mmbtu
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