Look at the BESPOKE WEATHER SERVICE!! Looking milder!! Forecast
Buyers keep coming in on any weakness and any forecast that puts cold temperatures into the picture. However, bullish traders should remain cautious about going “all in” at this time.
This is because the forecasts are only calling for “cold shots” and “cold snaps”, not lingering cold systems or cold domes, which would suggests cold temperatures for a longer period of time.
Furthermore, ***Bespoke Weather Services ***is not as friendly as the guys at NatGasWeather.com. Bespoke still expects warmer trends for mid-November. This raises risk issues.
We get that stocks are low and winter is approaching, but you don’t want to jump the gun too soon because the weather forecasts remain inconsistent as to when the major cold spell will start.
If the weather forecasts call for persistently cold temperatures then bullish traders are going to have to be willing to buy strength over $3.318, $3.384 and $3.409. Buying strength raises risk issues for traders.
The value area remains $3.125 to $3.057.