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Cold weather, heavy demand boost natural gas futures for seventh day
Natural gas futures rise for the sixth day due to cold weather and increasing demand.
U.S. natural gas futures are on an upward trend for the seventh day in a row, driven by the cold weather sweeping across the U.S. and the subsequent surge in demand for heating.
The frosty conditions are expected to persist into early March, further elevating demand for natural gas.
Production freeze-offs have escalated due to the severe weather, while LNG exports continue to remain high, according to market analysts.
Despite these conditions, technical indicators suggest an overbought market, and physical prices are likely to decrease early next week as daily demand drops.
The risk of continued cold weather in March, following the coldest January-February period in ten years, is maintaining bullish conditions in the near term.
The Nymex natural gas index showed a 4.4% increase, bringing the price to $4.182/mmBtu.
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