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June Nymex natural gas closed up 5.56% on Monday as forecasts shifted toward above-normal temperatures for much of the eastern and central US from May 4-8. Prices had hit a 3-3/4 year low the previous Friday on ample supplies and mild spring weather.
Warmer forecasts lift expected cooling-related power demand and gas burn, pushing prices higher from multi-year lows. The move is mainly an energy-sector signal for feed buyers.
barchart.comRich AsplundApr 29, 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.
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.
Forecasts for above-normal temperatures in the eastern and central US raised expected cooling demand and triggered a sharp short-covering jump from a near four-year low on the same day.
