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A green zone for natural gas

Olymp Trade

NYMEX natural gas futures Feb’19 are trading at around $3.100. Bears have been dominating the market since mid-January. Over this period, they have moved the quotes from $3.722 to $2.979. At the same time, there is quite an amount of strong buyers around $2.900, and the medium-term downtrend continues to move right into this area.
We can assume that the situation in the market is getting calmer. According to the data released by the US EIA yesterday, there was a decrease of 163 billion cubic meters from last week. But the positive effect on the quotes was rather short: the asset moved up to $3.207, and then the sales began again.
However, there is another fundamental precondition for growth. Abnormally low temperatures are expected in the Midwest and in the eastern states of the US. If this happens, it will lead to a local increase in demand and increased withdrawal of gas from the storage facilities. But one should understand that the temperature has to remain low for a long time to affect pricing.

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Source: https://olymptrade.com/
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