December Henry Hub futures settled at $3.296 per MMBtu on 10 November, their strongest close in about seven weeks. Money managers hold a record number of short positions, and a colder forecast prompted a rally.
US LNG feedgas averaged a record 19.3 Bcf per day in November.
A record short position combined with a cold forecast can drive sharp short-covering rallies in Henry Hub prices. Sustained cold would raise heating demand, while record LNG feedgas adds to domestic demand.
After 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.