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U.S. natural gas futures rose for a third straight session on Monday, with May Nymex contracts up 2.8% to $1.802/MMBtu. Traders expected gas output to fall as oil drillers shut shale production after crude's collapse to its lowest since 1986, and they also cited forecasts for cooler weather.
Associated gas from oil wells is a large share of U.S. supply, so cutting oil drilling tightens future gas output and supports prices.
reuters.comApr 20, 2020After 155 past bullish macro events, Natural Gas moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% 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.
Natgas futures rose for a third straight session as traders expected associated gas output to fall after oil drillers shut in shale production, a direct supply-side driver within the move window.
Natural gas futures rose for a third straight session on April 20 as traders expected associated gas output to fall after the oil price collapse, which is a direct supply-expectation driver within the window.
