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Natural Gas Futures Prices Are Falling For A Fifth Straight Day

Tuesday, Oct 12 2021
Market Talk

Refined product futures are taking a bit of a breather this morning after setting new 7 year highs overnight. Prompt month gasoline, diesel, and American crude oil futures are drifting lower by .1-.5% this morning with Brent crude (commonly referred to as the world’s oil benchmark) holding on to meager gains.

Natural gas futures prices are falling for a fifth straight day as the EIA published a note highlighting the Azerbaijan’s natural gas production and export capabilities to Eastern Europe. Bullish sentiment on the benchmark has chilled ever since an offer of aid came from an unexpected party last week.

Commodities, equities, and the dollar all seem to be ignoring the latest round of saber rattling out of North Korea. Against a backdrop of missiles, Jong-un has announced further arms developments to “literally increase war deterrence”. While some consider this an attempt to spurn the U.S., others are concerned the truly inflammatory provocation can be found on the country’s propaganda website.

We are seeing a bit of a break from the years-long correlation of equities and energy prices. Economic impacts from the pandemic, supply and logistics concerns, and inflation fears are all seeming to have opposite effects on the two asset classes. The question now is will the two reunite in price movement once if the aforementioned disruptions begin to abate, or will they enter a feedback loop.

Tropical activity in the Atlantic basin is minimal so far this month. Currently there are two areas of interest, both with less than 40% chance of cyclonic development over the next 5 days.

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