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Natural gas futures fell further on October 18 as a cold snap across the Lower 48 failed to lift demand as expected. The November Nymex contract settled at $5.745/MMBtu, down 25.4 cents, bringing the two-day loss to 70.8 cents despite a large drop in production tied to maintenance.
Weaker-than-expected heating demand despite cold weather signals a loose supply balance, pressuring natural gas prices. Lower energy costs ease input pressure on feed manufacturers.
naturalgasintel.comLeticia GonzalesOct 18, 2022After 104 past bearish weather events, NATGAS 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.
Weak demand despite cold weather led to a further two-day loss of 70.8 cents, which is part of the selloff.
