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CASE STUDY

Probabilistic Weather Intelligence for Natural Gas Trading

Transform weather uncertainty into quantifiable risk. Ilika 2-week probabilistic forecasts deliver the distribution of outcomes natural gas traders need to size positions, price hedges, and capture mispricing before the market reacts.


⚠️ The Challenge: Weather Drives Gas Prices

Natural gas futures are hypersensitive to temperature surprises. A colder-than-expected week can trigger massive storage draws and price spikes, while a mild spell can collapse forward curves. Traditional deterministic forecasts only give you one number—they miss the risk distribution that actually drives P&L.

✓ The Ilika Solution: Probabilistic Edge

Ilika ensemble-based forecasts provide the full distribution of Heating Degree Days (HDD) and temperature outcomes for the next 14 days. You see not just the mean, but the tails, the variance, and the probability of extreme events that move markets.


Why the 2-Week Horizon is Perfect for Gas Trading

Days 1-7
Drive spot prices and near-dated futures
Days 8-14
Influence storage expectations and seasonal strips

This is the sweet spot where weather forecasts still have predictive skill AND markets are highly sensitive to changes. It is exactly where probabilistic intelligence creates alpha.

Deterministic vs. Probabilistic: What You Are Missing

A simple HDD forecast tells you one story. Ilika probabilistic view reveals the full picture.

❌ Deterministic Forecast

  • Single point estimate (e.g., "220 HDDs")
  • No measure of uncertainty
  • Cannot quantify tail risk
  • Jumps between runs with no context
  • No custom event probabilities

✅ Ilika Probabilistic Forecast

  • Full HDD distribution (P10/P50/P90)
  • Quantified uncertainty and variance
  • Probability of extreme cold/warm events
  • Track how probabilities evolve
  • Custom event definitions (freeze-offs, heat waves)

From Weather Data to Trading Signals

Translating probabilistic HDD forecasts into actionable market intelligence

📊

Position Sizing

"I'm comfortable being long if P(HDD > normal + 30) ≥ 30%. If it drops below 15%, I cut exposure."

⚠️

Risk Management

"What is my P&L at the 95th percentile HDD case? Show me tail risk scenarios."

💰

Option Pricing

"Is the market pricing in enough cold-tail risk? Compare implied vs. physical distribution."


The Evidence: Weather Drives Natural Gas Prices

The relationship between weather and natural gas prices is well-established in both academic research and market practice:

📚 Key Research Findings

  • U.S. Energy Information Administration (EIA): Documents that heating and cooling degree days directly correlate with natural gas consumption patterns. Temperature deviations from normal drive significant demand fluctuations in residential, commercial, and power generation sectors.
  • American Meteorological Society: Published research showing residential gas usage and both spot and futures prices are highly temperature-sensitive. Energy traders explicitly use short- and long-range temperature forecasts in their positioning decisions.
  • Wiley Energy Economics Journal: Academic studies find that HDD/CDD measures and temperature changes significantly explain weekly changes in gas storage levels, tying them directly to futures price dynamics.
  • National Bureau of Economic Research: Research demonstrates that expected temperature shocks have a significant positive impact on near-month and far-month natural gas futures returns, especially when combined with inventory surprises.

Recent Market Events Prove the Connection

Market commentary regularly attributes price movements to weather forecasts:


The Ilika Advantage

Probabilistic intelligence that transforms weather uncertainty into quantifiable trading opportunities

🎯 Quantify Tail Risk

See the probability of extreme heating demand scenarios (brutal cold snaps) that drive storage draws and price spikes. Understand not just the mean forecast, but the full distribution of outcomes—enabling precise position sizing based on quantified tail risk.

📈 Capture Regime Shifts

Two forecasts can have the same mean HDD but vastly different risk profiles. Ilika reveals when the distribution shifts from tight to bimodal—signaling hidden volatility and regime changes before they are priced into the market.

⚡ Custom Event Definitions

Define events that matter for your portfolio: "3+ days below -10°C in Permian (freeze-off risk)" or "5-day HDD total in ERCOT > threshold". Get real-time probabilities for the specific scenarios that drive your P&L.

💼 Price HDD Derivatives

For HDD swaps and options, the full distribution is essential—not just a mean. Ilika provides the forward HDD distribution conditioned on the latest ensembles, enabling accurate fair value calculations and risk-neutral pricing.

Turn Weather Uncertainty Into Trading Alpha

See how Ilika probabilistic weather intelligence can give you an edge in natural gas, power, and energy derivatives markets.

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