By FXEmpire.com
Analysis and Recommendations:
Natural Gas jumped in today’s trading to 2.056 on news of a late winter storm.
This strong spring storm brings heavy rain to eastern New England and heavy, wet snow to western parts of New York, Pennsylvania and Maryland and northern West Virginia.
– Heavy rain should taper off to showers from southwest to northeast across eastern New England today.
– An additional 1 to 3 inches of rain is possible in Maine with up to an inch in northern New York, Vermont and New Hampshire.
– Up to 1/2 inch of rain is possible in southeast New York and southern New England.
– Heavy, wet snow falls in western New York, western Pennsylvania, extreme western Maryland and parts of eastern West Virginia.
– Additional snowfall of 10 to 15 inches is likely in the mountains bringing storm totals into the 1 to 2 foot range.
– Lower elevation snow will vary greatly between 1 and 12 inches.
Unexpected cold will create an additional demand for natural gas, perhaps using the excess inventory.
Although natural gas is forecast to remain below the 10 year low, this might keep it above the 2.00 price.
Economic Events: (GMT)
WEEKLY
- Heating Oil & Propane Update (October-March)
Heating Oil, Propane Residential and Wholesale Price Data
Release Schedule: Wednesday at 1:00 p.m. EST - Weekly Coal Production
Release Schedule: Thursday by 5:00 p.m. EST - Weekly NYMEX Coal Futures
Release Schedule: Monday by 5:00 p.m. EST - 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)
Click here to read Natural Gas Technical Analysis.
Originally posted here
