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U.S. natural gas futures slipped to a three-week low as output recovered quickly from freezing weather. Forecasts called for warmer-than-normal weather over the next two weeks.
The front-month contract was down about 15% for the week, its largest weekly drop since December.
Rebounding output and warmer forecasts reduce heating demand and loosen supply, pushing gas prices lower. The oil-to-gas price ratio widened, which may keep U.S. drilling focused on oil rather than gas.
boereport.comReutersFeb 11, 2022After 104 past bearish weather events, Natural Gas moved a median -7.8% over 5 sessions (22% higher; middle half -14.8% to -0.8%), and -3.3% 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.
