Brent Crude Oil Price: 3NGL.LSE tracks the price of Brent crude oil, so fluctuations in oil prices directly impact its value. Higher oil prices generally lead to a higher ETF price.

Natural Gas Price: As the ETF holds natural gas futures, changes in natural gas prices significantly affect its performance. Increased demand or supply disruptions in natural gas can alter its price.

Leverage Factor: 3NGL.LSE is a leveraged ETF, magnifying daily returns of its underlying assets (oil and natural gas). This amplification increases both potential gains and losses.

Interest Rates: Interest rate changes can influence the cost of holding futures contracts, potentially affecting the ETF's value. Higher rates might decrease profitability.

Geopolitical Events: Political instability or conflicts in oil-producing regions can disrupt supply chains and cause price spikes, impacting the ETF.

Storage Levels: Oil and gas storage levels influence prices. High inventory may depress prices, while low levels can increase them.

Weather Patterns: Extreme weather events can affect production and demand for oil and gas, impacting their prices and the ETF's performance.

Roll Yield: The cost of rolling futures contracts can affect the ETF's value. Contango (when futures prices are higher than spot prices) can negatively impact returns.

Market Sentiment: Overall investor optimism or pessimism toward the energy sector can drive buying or selling pressure, impacting the ETF's price.

Exchange Rates: Currency fluctuations, particularly between GBP and USD (as oil is often priced in USD), can influence the ETF's value for UK investors.

Inflation: Increases in inflation can lead to rising energy prices, benefiting the ETF.