The price of U.S. gas is rising today (note that volumes are limited due to Martin Luther King Jr. Day), while European prices are falling sharply. There are new weather forecasts for the last week of January in the US. It is supposed to be considerably colder and almost all over the US temperatures are expected to be below average. It turns out that February could stir up a lot more in the price of gas. Seasonality points to two local lows - January 21 and February 4.
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Create account Try a demo Download mobile app Download mobile appTemperatures in the last week of January are expected to be below average temperatures. Source: Bloomberg
The price has lost its downward momentum, although at the same time it has broken through the local lows of late 2021 and early 2022. The key support is 3.2-3.3 at the 78.6 Fibo retracement. Source: xStation5
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