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US natural gas futures gained about 3% to a seven-week high on lower output and forecasts of extremely cold weather. The February contract settled at $2.980/MMBtu, its highest since Nov.
16.
Cold forecasts and lower output support near-term gas prices, which raises energy and fertilizer input costs for feed producers.
finance.yahoo.comScott DiSavinoJan 8, 2024After 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.
The prior session's 3% rise to a seven-week high on extreme cold forecasts and lower output set up the momentum and price level for the 2024-01-09 jump.
