Natural gas futures (NATGAS) are gaining over 6% today, which can be linked to a wave of extreme heat across the United States, increasing the likelihood of very high cooling demand across the key for summer-demand US states.
According to NOAA data, a heatwave is expected on both U.S. coasts, with particularly intense high-temperature forecasts for Florida, Texas, and the western states. Cooler temperatures are expected only in a small region of the central states and Alaska, which does not in any way "offset" the broader heatwave from the market’s perspective.
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Source: NOAA
NATGAS (H1 interval)
Source: xStation5
