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Record heat across central and eastern US cities drove a surge in electricity demand and natural gas consumption, with New England relying mostly on gas for power. US LNG exports have grown strongly and the US is now the largest LNG exporter.
July Henry Hub contracts were $2.80 per MMBtu as of June 26.
Heat-driven power burn tightens US gas balances and supports prices, which feeds into fertilizer and ethanol production costs. Strong LNG export pull links US domestic prices more closely to global markets.
aga.orgJun 26, 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.
