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Global gas prices hit multi-year highs as hot weather lifted power generation demand in the northern hemisphere. Asian LNG cargo prices rose above $13 per mmBtu, the highest for this time of year since 2013.
Japanese and Chinese LNG buying rose ahead of the Tokyo Olympics and winter.
Higher gas prices raise energy and fertiliser input costs and can shift fuel-switching economics in power. The effect on feed commodities is indirect but supports a firmer cost backdrop.
financialpost.comReutersJul 1, 2021After 155 past bullish macro events, NATGAS moved a median +0.1% over 5 sessions (51% higher; middle half -4.0% to +7.1%), and +2.0% 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.
