Global Gas Prices Shed Some Risk Premium as Geopolitical Tensions Ease

After 15 past bearish geopolitics events, Natural Gas moved a median -1.1% over 5 sessions (40% higher; middle half -9.2% to +2.4%), and +4.7% over 20.

• Feb 2, 2026NYMEX Overview: Futures Move Lower as Geopolitical Tensions Cool -- OPIS-30.8%
• Oct 28, 2024Prompt Month Natural Gas Futures Sink 10% as Geopolitical Risks ‘Evaporate’ — MidDay Market Snapshot-12.5%
• May 10, 2022Gas prices drop as Russia says sanctions will not affect gas payments from Europe+6.5%
• Jan 1, 2020European Gas Prices Fall as Ukraine, Russia Deal Averts Crisis-1.1%
• May 5, 2026Oil Prices Tumble Over 3% as Risk Sentiment Shifts and Demand Concerns Weigh on WTI and Brent+3.5%