Natural gas spot price (Henry Hub) declined yesterday by 0.9%, and since it’s price fluctuations are very much identified with the weather changes, there are expectations of a cold front in Northeast of the US, e.g. in New York temperatures are excepted to reach as low as 16 f (-9 c) on Friday with a good chance for snow fall. Thus, this could pressure natural gas spot price, such as New York City gate and Henry Hub to rise as the week will progress.
Furthermore, for the Henry Hub, consider that yesterday the contango between the spot and future (February delivery) prices was 9 cent/mmbtu the highest contango since the beginning of the month. As the Henry Hub future for February is near maturity this could imply that natural gas spot price will show some resistance and rise as the week will progress.
Today 13.30PM, the Department of Labor will issue its weekly report on US unemployment claims for further details check out the weekly outlook;
Furthermore, today 15.30PM, the EIA will issue its weekly report on natural gas storage, consumption and prices; the expectations are of a further decline in natural gas storage; See here the last report on natural gas storage;
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