Analysis and Recommendations (Natural Gas Forecast):
Natural Gas reversed early losses to gain 15 points touching close to its highest level this year as summer weather heats up the US. Natural gas is trading at 3.025. Natural gas could not muster any sort of rally this past winter even as frigid temperatures gripped areas of the U.S. during February. Prices spent the winter of 2014/2015 making a series of lower highs and lower lows. Healthy supplies of natural gas from low cost producing regions like the Marcellus and Utica shale regions weighed heavily on price. The reserves contained in these areas are enormous and contributed to bearish sentiment, which pushed prices to lows of $2.4810 on April 27. It all seemed very logical – huge supplies tend to weigh on price. The interesting and perhaps illogical thing is that after the lows at the end of April, when the winter became a distant memory, the price of the energy commodity took off to the upside.
AccuWeather US Forecast Outlook:
The Northeast will catch a break from summer warmth this week, but temperatures should rebound in most areas for Memorial Day, the unofficial start to summer. The warmth overspreading much of the Northeast this weekend will not last through the week. For the majority of New England, southeastern New York and eastern New Jersey, an end to the warmth will come with the weekend. Cooler air from the northeast, arriving via the backdoor cold front that will first keep eastern Maine cool on Sunday, will bring noticeable cooling to Portland, Boston and New York City. About 10 to 15 degrees will get shaved off Sunday’s highs for Monday.
Monday’s highs across New Jersey will likely occur in the morning before the cooler air returns and causes temperatures to fall or hold steady.
A more widespread sweep of cooler air will erase all of the summer warmth and humidity from the Northeast at midweek. Temperatures will then be kept at bay through the start of the Memorial Day holiday weekend with a fresh shot of cool air to follow later in the week.
ForexTraq provides in-depth analysis for each currency and commodity we review in forex trading. Fundamental analysis is provided in three components. We provide a detailed monthly analysis and forecast at the beginning of each month. Then we provide more up to the data analysis and information for Natural Gas in our weekly reports.
Natural Gas Weekly Update
Release Schedule: Thursday between 2:00 and 2:30 p.m. (Eastern Time)
Weekly Natural Gas Storage Report
Release Schedule: Thursday at 10:30 (Eastern Time) (schedule)
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