📈 NATGAS jumps 4%

📌 US natural gas prices gain following new weather forecasts

US natural gas prices (NATGAS) jumped at the beginning of a new week as weather forecasts point to a heatwave arriving in the United States in the coming days. National Oceanic and Atmospheric Administration (NOAA) projects above-average temperatures in the northern part of the United States, especially in a key Midwest region. NATGAS benefits from it as it suggest that demand for electricity will increase due to higher usage of air conditioning.

Source: Bloomberg Finance LP, XTB Research

NATGAS trades around 5% higher since the last contract rollover, with around 4% of those gains being made today. However, bullish momentum began to wane after reaching $2.25 per MMBTu area, and a small pullback can be observed in the last couple of minutes.

Source: xStation5