commodity derived

{
  "input": {
    "type": "http",
    "method": "GET",
    "queryParams": {
      "unit": "auto",
      "commodity": "natural-gas"
    }
  },
  "output": {
    "type": "json",
    "example": {
      "commodity": "natural-gas",
      "scan_time": "2026-06-06T12:00:00Z",
      "futures_basis": {
        "carry_trade_angle": "Storage economics: if contango > storage + financing cost, buying spot and selling futures is profitable",
        "front_month_vs_next": -0.15,
        "contango_or_backwardation": "contango"
      },
      "global_context": "LNG arbitrage between Henry Hub and Asian JKM represents one of the largest persistent cross-market spreads in commodities. Retail access via UNG (US gas ETF) / JNK hedges or gas producer equities.",
      "key_arb_players": [
        "Shell",
        "TotalEnergies",
        "BP",
        "Vitol",
        "Trafigura",
        "Gunvor"
      ],
      "pulse_suggestions": [],
      "seasonal_patterns": "US gas peaks Dec-Feb (heating) and July (cooling). European TTF typically highest Nov-Mar. Asian LNG peaks Jan for heating, Jun-Aug for cooling.",
      "trade_flow_context": "US LNG exports at record levels. EU has replaced ~70% of Russian pipeline gas with LNG. JKM premium over TTF has compressed to lowest in 2 years.",
      "price_differentials": [
        {
          "route": "US Gulf Coast → Northeast Asia (LNG)",
          "viable": true,
          "net_arb_pct": 219.3,
          "net_arb_usd": 6.25,
          "other_costs_usd": 1.2,
          "tariff_cost_usd": 0,
          "blocking_factors": [
            "Requires LNG tanker and liquefaction capacity",
            "Locked by long-term contracts — spot LNG limited"
          ],
          "gross_spread_pct": 349.1,
          "gross_spread_usd": 9.95,
          "opportunity_window": "3-6 months for spot LNG cargo setup",
          "transport_cost_usd": 2.5
        }
      ],
      "retail_accessibility": "ETF/futures only",
      "regional_price_matrix": [
        {
          "region": "US Gulf Coast",
          "benchmark": "Henry Hub",
          "price_usd": 2.85,
          "price_unit": "$/MMBtu",
          "data_freshness": "news-derived (2026-06-05)",
          "country_examples": [
            "USA"
          ]
        },
        {
          "region": "Northwest Europe",
          "benchmark": "TTF Hub",
          "price_usd": 10.4,
          "price_unit": "$/MMBtu",
          "data_freshness": "news-derived (2026-06-04)",
          "country_examples": [
            "Netherlands",
            "Germany",
            "UK"
          ]
        },
        {
          "region": "Northeast Asia",
          "benchmark": "JKM Spot",
          "price_usd": null,
          "price_unit": "$/MMBtu",
          "data_freshness": "unavailable",
          "country_examples": [
            "Japan",
            "South Korea",
            "China"
          ]
        }
      ]
    }
  }
}