Natural Gas Futures Edge Closer to $4
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Natural Gas futures rose on Tuesday and are now poised to breach the psychologically important $4 handle. Momentum in natural gas has been very strong, and bullish weather forecasts are helping push prices higher.
According to Matt Rogers, President of Commodity Weather Group, from March 24th to 28th temperatures will be about 8 degrees Fahrenheit below normal in the center of the country and about 3 degrees lower in the Northeast.
Investors will also be keeping a close eye on inventory data later this week. Forecasts call for a decline of 71 bcf. Last week's inventories decline was larger than expected at 145 bcf.
United States Natural Gas ETF (NYSE: UNG) is higher by 1.8 percent on Tuesday. In the past 5 days UNG gained nearly 7.5 percent. Natural gas futures traded at $3.97 per million btu mid-day on Tuesday.
According to Matt Rogers, President of Commodity Weather Group, from March 24th to 28th temperatures will be about 8 degrees Fahrenheit below normal in the center of the country and about 3 degrees lower in the Northeast.
Investors will also be keeping a close eye on inventory data later this week. Forecasts call for a decline of 71 bcf. Last week's inventories decline was larger than expected at 145 bcf.
United States Natural Gas ETF (NYSE: UNG) is higher by 1.8 percent on Tuesday. In the past 5 days UNG gained nearly 7.5 percent. Natural gas futures traded at $3.97 per million btu mid-day on Tuesday.
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