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U.S. natural gas futures settled above $6 after forecasts pointed to colder weather arriving the following week, despite a modest storage draw. West Coast spot prices surged, with some California points reaching as high as $36 and NGI's national spot average jumping sharply.
Weather models showed a frigid pattern for December 16 to 22.
Expected cold across the Lower 48 raises heating demand and supports futures prices. Spot price strength on the West Coast signals tight regional supply that can keep national prices elevated.
naturalgasintel.comDec 8, 2022After 221 past bullish weather events, Natural Gas moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% 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.
