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US natural gas futures fell as geopolitical risk premiums eased after Israeli strikes targeted Iranian military sites rather than oil assets. EIA data showed storage at 3,863 Bcf, 178 Bcf above the five-year average, and warm forecasts reduced heating demand into mid-November.
Storage running well above average and weak heating demand keep US gas in oversupply, pressuring prices lower and keeping energy input costs soft for feed producers.
fxempire.comJames HyerczykNov 3, 2024After 62 past bearish report events, Natural Gas moved a median -3.0% over 5 sessions (42% higher; middle half -7.6% to +4.6%), and -0.5% 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.
