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U.S. natural gas futures rose about 3% to a one-week high, settling at $5.280/mmBtu, on forecasts for cooler weather that would lift heating demand. Prices were still down about 18% from early October's peak after weeks of mild weather.
The contract also fell about 2% for the week, its third straight weekly decline.
Colder forecasts raise expected residential and commercial gas burn, which supports natural gas prices. Feed buyers face higher energy and nitrogen fertilizer costs when gas rises, which feeds into corn and DDGS production economics.
reuters.comOct 22, 2021After 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.
