The effect of gravity on the stability of a single boiling channel is studied. Experiments were performed in a natural circulation loop with a single boiling channel. A region of instability at low powers was identified. The flow evolves in a series of irregular oscillations developing a superposition of two different frequencies. The stability of the system is analyzed using a homogeneous model in the frequency domain. Such an analysis predicts a destabilizing effect of the gravity term of the momentum equation, which is characterized by the Froude number.