Natural Gas prices are soaring higher despite lacklustre demand from Europe. Traders appear to be focusing on the potential cold front that should kic
Natural Gas price soars near $3.20. The US Dollar eases after soft figures for both ISM Services PMI and ADP Employment Change. US Natural Gas prices could head higher on the possibility of a cold front coming in sooner than expected. k in later this week. It looks like the current grace period for European gas consumption will not be that long and that by the end of this month households will jack up their thermostats.
Traders are presuming that the EU will want to keep its gas reserves filled to the brim, and will buy at any time. With this prepositioning, a quick squeeze higher in the coming weeks could materialise. The pivotal level near $3.07 has been broken again to the upside. This level needs to hold now as a new floor, squeezing prices higher. With respect of the ascending trend channel, the upside looks limited toward $3.30 to test the upper barrier. On the downside, the newly formed floor at $3.
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