Overnight Forecasts Advertise More Heat Risks; June Natural Gas Called Higher
8:56 AM
June natural gas was set to open Tuesday about 3.7 cents higher at around $2.847/MMBtu as the weather outlook overnight showed additional heat risks for the next two weeks, according to forecasters
Natural gas is breaking out above last weeks highs!
Now above the March highs $2.873
Approaching $2.9. Next MAJOR resistance is the Jan high of $2.961.
Have known NG to give off signals like this............then suddenly reverse, leaving a spike top or bottom. However, if the heat is coming, then there are solid fundamentals to support the move higher.
Spurred by Hotter Weather, Natural Gas Futures Rally Sharply
5:48 PM
In contrast to recent range-bound action, natural gas futures added close to a dime Tuesday as forecasters noted hotter medium-range weather trends that could keep current storage deficits from shrinking as quickly as previously thought. In the spot market, prices strengthened across the Midwest and Texas with hot weather on the way, while points in the West pulled back; the NGI National Spot Gas Average added 4 cents to $2.44/MMBtu.