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Natural gas in the USA grows, as the cold weather increases the demand
The cost of futures for natural gas in the US grew by more than 10% and reached a weekly peak on Monday. It happened amid the forecasts about unusually cold weather and increased need for heating in the upcoming two weeks.
According to Robert DiDona from Energy Ventures Analysis, Friday’s weather patterns show an increased number of heating degree days. Later, this made the balance between supply and demand tighter. This tightening of market conditions tends to push prices up, and it's happening now.
The Refinitiv data souce predicts 504 heating degree days. This measure is applied to assess the needs in heating of households and firms during the upcoming two weeks in 48 states. Previously, the average for this period over 30 years was 409 heating degree days.
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