Higher temperatures drive strong rebound in gas prices 🔎
The price of natural gas (NATGAS) is up more than 5% today, recovering all losses from the end of last week. It's worth noting that prices reached their highest level since July last Thursday. The price increase is linked to forecasts of higher temperatures over the next 6-10 days, which could lead to increased demand for gas, currently around the 5-year average. Moreover, price in Europe approaches around 40 EUR/MWh. The extremely large contango in the market is also decreasing, indicating rising short-term demand.
เริ่มเทรดทันทีวันนี้ หรือ ลองใช้บัญชีทดลองแบบไร้ความเสี่ยง
เปิดบัญชี ลองบัญชีเดโม่ ดาวน์โหลดแอปมือถือ ดาวน์โหลดแอปมือถือGas is rebounding today by over 5%. However, it is still about 3.5% below last week's highs. Source: xStation5
Contango has decreased by about 10 percentage points in the September-January period! This indicates an increase in short-term demand. It's also worth noting the upcoming contract rollover this week, expected to be around 5%. Source: Bloomberg Finance LP
The next 6-10 days are expected to be particularly hot in the central states. Over the 8-14 day period, it will be hot across the entire USA, though the deviations won't be extreme. Source: Bloomberg Finance LP
Gas consumption has returned to levels close to the last 5 years. On the other hand, production has also declined from extremely high levels, leading to very modest inventory growth. Current stockpiles are below the 5-year maximum. Source: Bloomberg Finance LP, XTB
