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US natural gas futures jumped over 10% to $2.94/MMBtu after Hurricane Rafael shut in about 16% of Gulf of Mexico gas output and more than 25% of oil output. European gas futures also rose to a one-year high on colder forecasts.
Gulf production losses tighten both US gas and crude supply, pushing energy and fertilizer input costs higher. European gas strength adds to global energy-cost pressure on feed and fertilizer.
oilprice.comCharles KennedyNov 11, 2024After 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.
After 40 past bullish weather events, Crude Oil (WTI) moved a median +1.6% over 5 sessions (63% higher; middle half -3.7% to +5.3%), and +6.1% 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.
