Natural gas is rallying again on a bullish winter weather forecast. Could the energy commodity top $4 again in the coming weeks?
According to researchers at the Atmospheric and Environmental Research (via The Washington Post), a polar vortex is expected to pound the East Coast later this month and into January. This will bring heavy volumes of snow and frigid temperatures.
This weather event occurs when the stratosphere warms up, generating strong winds to split the vortex and produce cold air from the north and into the south.
Like last year, households will require plenty of fuel to heat their homes.
As a result, natural gas prices are surging.
On Tuesday, January natural gas futures soared $0.22, or 6.08 percent, to $3.74 at 16:59 GMT on the New York Mercantile Exchange.
Year-to-date, natural gas is up 22% and has become the top performing commodity. Natural gas was up as much as 50 percent up until a few weeks ago, paring its gains by 17 percent.
So, bone-chilling temperatures that send natural gas prices higher? Thanks global warming!
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