Natural Gas Rallies 30%, Silver Jumps 13% To $116: What's Moving Markets Monday?

U.S. natural gas prices extended a historic rally Monday, jumping more than 30% as Winter Storm Fern drove heating demand sharply higher and disrupted supply, delivering the largest weekly percentage gain ever for a Nymex front-month contract.

• Cloudflare stock is among today’s top performers. What’s behind NET gains?

The Henry Hub front-month contract now trades above $6 per million British thermal units. Just a week ago, prices hovered near $3, marking a roughly 125% surge in four sessions.

Dollar weakness added fuel to a broader commodity breakout. Gold rose 2.2% to $5,100. Silver surged 13% to $116 per ounce, on track for its best one-day surge since September 2008. This gain is also lifting its rolling 12-month gain to 266%, the strongest since 1980.

The greenback remained under pressure as the Japanese yen strengthened sharply, with speculators suspecting currency intervention occurred on Friday, potentially involving the Federal Reserve Bank of New York.

Outside commodities, U.S. equities continued to grind higher. The S&P ...