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US natural gas futures fell about 3% on Nov. 2 as forecasts pointed to milder weather in the coming days, although prices stayed near a 21-month high.
Record LNG feedgas flows were supporting demand. Utility storage withdrawals in the week ended Oct.
30 were smaller than the year-earlier build and the five-year average.
Milder forecasts reduce near-term heating demand and pressure gas prices, but strong LNG exports and storage tightness limit the downside. Gas cost moves affect nitrogen fertilizer and ethanol margins.
brecorder.comReutersNov 3, 2020After 104 past bearish weather events, Natural Gas moved a median -7.8% over 5 sessions (22% higher; middle half -14.8% to -0.8%), and -3.3% 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.
