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November Nymex natural gas closed down 5.24% on Monday to a three-week nearest-futures low. Forecasts shifted warmer for the Midwest and eastern US for October 19-23, reducing expected heating demand.
Storage data showed a 82 bcf build for the week ended October 4, above expectations but below the five-year average.
Warmer forecasts cut expected heating demand, which pressures natural gas prices lower. Feed buyers see little direct effect, but lower gas prices can weigh on fertilizer and energy-linked input costs over time.
barchart.comRich AsplundOct 14, 2024After 104 past bearish weather events, Natural Gas moved a median -7.8% over 5 sessions (22% higher; middle half -14.8% to -0.8%), and -3.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
