Commodities

January 28, 2022

Friday’s Flurry of Futures ❄️

Following a significant rise in prices as contracts expired Thursday, natural gas futures registered their largest weekly increase since August 2020 as a *gigantic* winter storm closes in on the U.S. Northeast. 🥶

The boost to natural gas futures came after an unprecedented 72% gain in the expiring February contract on Thursday, indicating a textbook short squeeze. 💡 The contract rose to $4.88 intraday, its highest level since late November 2021.

Here’s the weekly chart:

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As a severe winter storm approaches the East Coast, demand for heating and power plant fuel could likely skyrocket. Snowfall could total up to 10 inches in New York City, with a foot or more on eastern Long Island. Boston could see up to 2 feet of snow. ☃️ Meanwhile, airlines are already cancelling flights to and from the Northeastern U.S. 

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