Natural gas began trading in the new week with a sizable upward gap after a wave of cooling in the U.S. spread across much of the country. As the latest NOAA data shows, the cooling of temperatures relative to average values over the next 6-10 days is moving most to the lower East Coast, although the overall extent of the cooling is also expanding westward.
Nearly 60 million Americans were affected by severe snowstorm warnings on Sunday. Source: NOAA
Natural gas (NATGAS) has consistently maintained a technical uptrend supported by the upward-sloping exponential moving averages (blue, purple and gold curves on the chart). Significant cooling of temperatures should support the price of this commodity in the coming days, although it is worth remembering that gas stocks on a cumulative scale all the time remain in the 1- standard deviation zone of the 5-year trading range, so any large increases may be corrected by the market. Source: xStation
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