NATGAS gains almost 8% 🚨

📈U.S. temperature forecasts lower than expected in early January support natural gas prices

NATGAS natural gas price-based futures contracts are gaining nearly 8% in early Monday trading after NOAA reported updated weather forecasts that point to significantly cooler temperatures in the US than previously expected. 

Meteorologists expect significant cooling on the East Coast with a near 95% probability. The data could increase demand for heating fuels and run power plants more.  These below-normal temperatures are expected to persist until at least mid-February. Source: Bloomberg Financial LP

NATGAS started trading with a bullish upward gap, which with its range knocked out the local peaks recorded last November. From a technical perspective, the commodity has maintained a stable upward trend all along. 

Source: xStation