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US and European natural gas prices surged on November 11, 2024, with Henry Hub settling 9.4% higher above $2.90/MMBtu on colder weather and short covering. Brent settled about 2.8% lower below $72/bbl under continued USD strength.
Colder forecasts and short covering lift natural gas prices, which raise fertilizer and feed-energy costs. The stronger dollar and a better-supplied oil market weigh on the broader commodity complex.
think.ing.comWarren Patterson, Ewa MantheyNov 12, 2024After 221 past bullish weather events, NATGAS moved a median +3.3% over 5 sessions (61% higher; middle half -5.2% to +14.0%), and -0.3% over 20.
After 10 past bearish weather events, BRENT moved a median +2.1% over 5 sessions (60% higher; middle half -2.9% to +4.6%), and +0.8% 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.
