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U.S. natural gas futures rose about 4% to a one-week high after forecasts for record-breaking heat later in the week. Analysts expected the heat to push power-generator gas burn to an all-time high, and utilities may pull gas from storage in early August despite a rise in output.
Higher power burn and rising LNG exports tighten the U.S. gas balance, which lifts energy input costs for feed and grain processors. Stronger gas prices also raise the cost of nitrogen fertiliser and ethanol production.
reuters.comScott DisavinoJul 30, 2024After 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.
