Natural Gas hit two year high on cold blast at Northeast America. On Thursday the heating fuel made the high of $4.947.
According to weather forecasting agencies severe cold weather is expected to remain across the eastern U.S. during the next three to five days. Heavy snow fall is also expected in the Northeast. Cities in the Northeast likely to get near to 10 inches of snow fall with high wind blow with very cold temperatures. Temperature is likely to fall sharply till Sunday.
We are expecting that the commodity may find support near to $4.45 to continue further gain. The commodity has provided annual return of 36.6% and has remained top gainer among all commodities.
Today Energy Information Administration will release storage data at 0330GMT. According to Bloomberg the storage is expected to fall by 104 billion cubic feet from earlier 287. After the data release we may see price within the range of $4.5 to $4.23.