GAZB - Forecasts for frigid February lift natural gas prices

Natural gas futures (NG1:COM) settled +11.1% to $2.85/MMBtu, its best close since Dec. 1, after weekend forecasts predicted below-seasonal temperatures for a large majority of the U.S. over the coming two weeks.Today's close is 57% higher than a year ago, when the weather was uncommonly warm, yet still 15% below the price to start this heating season.Today's action was an "unusually strong response to weekend adjustments to the short-term temperature forecasts," says Ritterbusch and Associates, adding that prices could approach $3/MMBtu this month if the weather outlook materializes."The largest unknown right now seems to be just how far east the cold will extend and if major populations in Chicago and the East Coast will feel the frost," according to Tudor Pickering Holt analysts, estimating ~5B cf more will be burned heating U.S. homes and businesses this week than last week.ETFs: [[UNG]], [[UGAZF]], [[DGAZ]], [[BOIL]], [[FCG]], [[KOLD]], [[UNL]], [[GAZ]], [[GAZB]]Natural gas-related

For further details see:

Forecasts for frigid February lift natural gas prices