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US natural gas futures rose about 3% on September 28 as global oil and gas prices surged and the October contract expired. Hurricane Ian knocked out power to over 500,000 Florida customers, which analysts said would cut gas demand from power generators.
Storm-related power losses reduce gas demand, but the global price surge limits the downside for US gas. The net effect on energy costs for feed producers is modestly bullish.
financialpost.comReutersSep 28, 2022After 221 past bullish weather events, NATGAS 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.
