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European natural gas benchmark futures rose as much as 3.1% after Houthi rebels launched their largest missile and drone attack yet on ships in the Red Sea, prompting US and UK responses. A cold snap across the continent also supported prices.
Red Sea attacks disrupt shipping routes and raise freight and insurance costs for grain and oilseed cargoes moving via Suez. Higher European gas prices also lift nitrogen fertilizer costs.
bloomberg.comAnna ShiryaevskayaJan 10, 2024Not enough comparable past events yet for a historical read.
After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% 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.
