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Commentary: Natural Gas active on another cold snap
00:00, 24 February 2014
Natural gas has picked up where it left off last week, trading above $6.00 and rallying again after another dive into the deep freeze across much of North America. Colder than usual temperatures have hung around longer this year than many winters driving higher heating demand. At some point though, spring will arrive but the question of when may keep trading in Natgas active in both directions for some time yet. This could also be an active day for some of the senior US natural gas producers which have not confirmed the recent new highs and have company news out. US indices appear set to claw back Friday’s losses to start the week but continue to have a hard time breaking out to new highs. Although stocks may be getting seasonal support from capital flows into retirement accounts ahead of tax deadlines, significant overhead channel resistance remains intact heading into a relatively quiet week for corporate and economic news. Currency markets have also been relatively steady to start the week although precious metals have been picking up again. Corporate News BlackBerry announced it is making its BBM available on Windows Phone and Nokia X phones. There has been increased interest in messaging services in the wake of Facebook’s $19B takeover of WhatsApp announced earlier this month. Natural gas producer Chesapeake Energy has essentially put its oilfield services business up for sale, launching a strategic review process. Competitor EOG Resources reports earnings after the close tonight. Economic News Economic reports released overnight and this morning include: Germany IFO bus climate 111.3 vs street 110.5 Germany IFO current assessment 114.4 vs street 112.8 Germany IFO expectations 108.3 vs street 108.1 Eurozone consumer prices 0.8% vs street 0.7% Singapore consumer prices 1.4% vs street 1.5% Economic reports due later today include: There are no major reports due in North America later today.