The latest GFS models continue to show sustained cold for two-thirds of the U.S. throughout the remainder of February. The cold is a result of Canadian artic air that will dip into the continental U.S. as the jet stream pushes south.
According to Accuweather.com, record low temperatures may fall on multiple dates in February in the Northeast and South.
Temperatures in northern Florida are expected reach 28 degrees Fahrenheit on Friday while areas of upper New York could see temperatures 15 to 20 below zero. The arctic air will also be accompanied by strong winds, making temperatures feel much colder.
Natural gas has recently traded higher on the prospect of the frigid temperatures driving heating demand. Traders and investors will look to future gas storage reports to confirm that the below average temperatures and thus heating demand have caused increased storage withdrawals.
Natural gas futures for March ’15 delivery traded almost 7 cents higher early Thursday at $2.864 per mmBtu.
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About GFS Models:
The GFS 2m Temperature Anomaly is computed using a 30 year climatology (1981-2010) of the NCEP/CFSR reanalysis dataset. This forecast model is used by natural
traders and investors to detect average, above average, or below average temperatures and thus natural gas demand.
Data provided by Levi Cowan at tropicaltidbits.com.