www.zerohedge.com By Tyler Durden
U.S. natural gas futures have risen for the seventh day on prospects of another winter storm and colder weather for the U.S. There are emerging concerns Texas’ power grid could be tested again amid a cold snap.
Futures for March delivery were up at 4.5%, or about .21 cents to $4.87/MMBtu (as of Monday morning). Prices have advanced for the seventh consecutive day, retracing 61.8% of the down move from early October high to the low in late December. The squeeze in natgas comes as weather models have recently shifted to colder outlooks.
Average temperatures across the U.S. have been hovering below a 30-year mean for the second half of January are expected to remain below normal through the first half of February.
