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US natural gas futures slumped after a mild winter left a large seasonal surplus in storage. Front-month futures fell to $2.15 per MMBtu on March 23, near the lowest inflation-adjusted levels since 1990.
Abundant gas supply and weak heating demand push down energy costs for feed processors and fertilizer producers, while lower gas prices reduce ammonia and urea production costs.
reuters.comJohn KempMar 24, 2023After 59 past bearish macro events, Natural Gas moved a median +1.3% over 5 sessions (58% higher; middle half -5.0% to +5.2%), and -2.0% over 20.
After 113 past macro events, Urea moved a median 0.0% over 5 sessions (48% higher; middle half -2.0% to +3.3%), and +3.7% 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.
