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Natural gas futures rose 5.4% on June 24 to $2.31/mmBtu as forecasts pointed to hotter weather in early July. Weather models were mixed, and the market had fallen after a larger-than-expected weekly supply increase.
The UNG fund gained 5.3%.
Hotter forecasts lift power-burn demand for gas, which can support prices in the short term. The effect on feed grains is minimal.
etftrends.comMax ChenJun 24, 2019After 221 past bullish weather events, Natural Gas 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.
