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Natural gas futures surged about 8.6% on a sudden forecast shift toward much colder-than-normal weather across much of the US. Prices hit a session peak of $3.58 per MMBtu, the highest since January, after a two-month rally.
Colder forecasts raise expected heating demand while US storage sits near decade lows, tightening supply and supporting higher natural gas prices.
cnbc.comTom DiChristopherNov 6, 2018After 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.
A sudden shift to colder-than-normal US forecasts lifted expected heating demand and triggered an 8.6% one-day surge to the highest since January, a key driver of the weekly gain.
