Here's an appropriate example for the OP, as per a Bloomberg snippet this morning... "Brent crude rose above $65 a barrel for the first time since June 2015 after one of the world’s most important pipelines for the commodity was shut because of a small hairline crack. West Texas Intermediate was trading at $58.31 a barrel at 5:50 a.m., with the spread between the two major benchmarks close to $7. But the biggest move in energy markets is in U.K. natural gas, with front-month prices jumping as much as 20 percent this morning after a pipeline explosion in Austria threatened flows already under pressure from the cold snap in Britain." So there you have it. Supply disruptions and weather.
%% Actually another surprise to me was XOM,RDSA, MUR,MRO....... were really slow to raise cash, credit, commercial + retail prices,gasoline prices. Did uptrend some when it got going LOL . Oil prices have had a[ very] high correlation to SPY/S&P 500, in the past, for sure, as bone trader noted . And as an oil + nat gas trader noted -oil has no earnings, which would explain non correlation/many moves stock market+ oil . Oil stocks may make moves up when oil went that direction..............................................................
California, Quebec hold successful cap-trade auction California and Quebec held a joint cap-and-trade auction earlier this month, selling all of the current and future vintage greenhouse gas emission allowances and garnering about $813 million for the state's GHG reduction fund that supports climate mitigation programs statewide. (Natural Gas Intelligence)
"Rather than investing in local green projects, the study found that 75 percent of those credits — which are part of a regulatory scheme paid for by California taxpayers — went towards projects outside of California." https://www.pbs.org/newshour/science/california-cap-and-trade-is-working-for-other-states It's getting around that after a couple of years of dismal auctions word got out that the allowances have no expiration date - so this year speculators snapped up a good share of the inventory.
Since California forced out hydrocarbon-intensive industries decades ago - this auction has absolutely no bearing on Nat Gas or Crude Oil fundamental news.