Natural gas prices keep deepening their previous falls at the beginning of the new week and are trading already 5% lower compared to the Friday’s close, the lowest since October. A major cause of this pullback was a lower than expected decrease of stocks which could be tied to a relatively high temperature in recent weeks. Looking ahead, weather forecasts suggest this warm to stay, hence temperature is likely to be higher than last year. Moreover, natural gas remains oversold when looking at the CFTC data.
Natural gas prices are plummeting as much as 5% at the beginning of this week. Source: xStation5
