Natural gas markets are experiencing a surge in bullish sentiment, driven by forecasts of colder-than-average temperatures in January, which are expected to boost heating demand. The U.S. Energy Information Administration (EIA) reported a significant 125 Bcf withdrawal from natural gas storage, reducing inventories to 3,622 Bcf and highlighting a tightening supply situation as winter approaches. This has led to a sharp rise in U.S. natural gas futures, breaking key resistance levels and setting sights on further gains. Additionally, the authorization for Venture Global LNG Inc. to load its first commissioning cargo from the Plaquemines export terminal in Louisiana has added to the positive momentum, signaling increased export capacity.
The ProShares Ultra Bloomberg Natural Gas ETF (BOIL) rose to $50.19, up 4.11% as of 3:47 PM ET on December 20th.