A moderate rally for NYMEX natural gas today, the one-year curve settled up about 10 cents on average, unsurprising given the news of another outbreak of conflict between the USA, Israel and Iran. WTI is up 8%, now trading above $70 USD/barrel on an anticipated increase in global demand for American crude. It’s a similar story for LNG demand. Specifically, QatarEnergy produces about 20% of the world’s LNG supply but reportedly shut-in all production as a precaution after military strikes in Ras Laffan Industrial City, where its operation is located.

Temperatures should steadily increase to well above normal over the next few days, peaking early to mid March, but time will tell if this bearish influence will be enough to offset bullish anxieties for an extended international conflict.