On the New York Mercantile Exchange, natural gas futures for delivery in February traded at USD4.287 per million British thermal units during U.S. trading, down 3.17%.
The commodity hit a session high of 4.448 and a low of 4.286, with support seen at 4.196, the low from Dec. 17, and resistance seen at 4.448, the earlier high.
The February contract settled up 1.35% lower on Monday to end at USD4.427 per million British thermal units.
Updated weather forecasting models called for chilly temperatures across the East Coast of the U.S. during the next six to ten days.
Colder-than-average winter temperatures increase the need for gas-fired electricity to heat homes, boosting demand for natural gas.
Longer-range forecasting models backed off on earlier calls for a warming trend to settle in the next two weeks.
Natgasweather.com reported in its 8-14 day outlook that while warmer temperatures are possible in parts of the U.S., so are more blasts of cold air that could trek across the country and hike demand for heating, though uncertainty allowed for profit taking.
Financial Astrology
Trading volumes remained limited as many investors already closed books before the end of the year, reducing liquidity in the market, which helped exaggerate market moves.
Meanwhile, U.S. supply levels remained in focus. Total U.S. natural gas storage stood at 3.071 trillion cubic feet as of last week, approximately 16% below last year's unusually high level and nearly 9% below the five-year average for this time of year. Free Stock Tips
Early withdrawal estimates for this week’s storage data range from 110 billion cubic feet to 150 billion cubic feet, compared to a drop of 126 billion cubic feet during the same week a year earlier.
Intraday Tips
The five-year average change for the week is a decline of 121 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in February were down 0.86% and trading at USD98.44 a barrel, while heating oil for February delivery were up 0.09% and trading at USD3.0589 per gallon.
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The commodity hit a session high of 4.448 and a low of 4.286, with support seen at 4.196, the low from Dec. 17, and resistance seen at 4.448, the earlier high.
The February contract settled up 1.35% lower on Monday to end at USD4.427 per million British thermal units.
Updated weather forecasting models called for chilly temperatures across the East Coast of the U.S. during the next six to ten days.
Colder-than-average winter temperatures increase the need for gas-fired electricity to heat homes, boosting demand for natural gas.
Longer-range forecasting models backed off on earlier calls for a warming trend to settle in the next two weeks.
Natgasweather.com reported in its 8-14 day outlook that while warmer temperatures are possible in parts of the U.S., so are more blasts of cold air that could trek across the country and hike demand for heating, though uncertainty allowed for profit taking.
Financial Astrology
Trading volumes remained limited as many investors already closed books before the end of the year, reducing liquidity in the market, which helped exaggerate market moves.
Meanwhile, U.S. supply levels remained in focus. Total U.S. natural gas storage stood at 3.071 trillion cubic feet as of last week, approximately 16% below last year's unusually high level and nearly 9% below the five-year average for this time of year. Free Stock Tips
Early withdrawal estimates for this week’s storage data range from 110 billion cubic feet to 150 billion cubic feet, compared to a drop of 126 billion cubic feet during the same week a year earlier.
Intraday Tips
The five-year average change for the week is a decline of 121 billion cubic feet.
Elsewhere on the NYMEX, light sweet crude oil futures for delivery in February were down 0.86% and trading at USD98.44 a barrel, while heating oil for February delivery were up 0.09% and trading at USD3.0589 per gallon.
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