By FX Empire.com
Natural gas prices rose last week on forecasts of cold weather conditions, which pushed natural gas prices higher on expectations of rising demand for heating fuel. Meanwhile, The EIA report showed that natural gas stockpiles increased last week by 112 billion cubic feet, compared with median estimates of 104 billion cubic feet, and above the five-year average for the week, yet weather forecasts continued to push natural gas prices higher.
Traders will be focused on the weather forecasts, where cold weather conditions is expected to increase demand for natural gas, and that could continue to push prices higher, while traders will be also eyeing industrial production data from the United States.
Highlights for this week that will probably affect the Natural Gas direction are:
Monday October 17:
At 13:15 GMT the Industrial Production for September is due and expected to hold on the month with 0.2% gain and capacity utilization to move slightly higher to 77.5% from 77.4%.
Thursday October 20:
At 14:30 GMT, The EIA will release the weekly natural gas storage change for the week ending October 14, where the prior report showed that natural gas inventories increased by 112 billion cubic feet.
Read more daily and weekly Forex Fundamental Analysis here!
