Global Natural Gas Prices: JNEU tracks natural gas futures. Rising or falling natural gas prices directly impact the ETF's value.

Supply and Demand of Natural Gas: Increased demand or decreased supply of natural gas will drive up prices, benefiting JNEU.

Weather Conditions: Severe weather events can disrupt natural gas production or increase demand, influencing JNEU's price.

Economic Growth: Strong economic growth typically leads to higher energy consumption, increasing natural gas demand and potentially JNEU's value.

Geopolitical Events: Political instability in gas-producing regions can affect supply and, therefore, the ETF's price.

Inventory Levels: High natural gas inventory levels can depress prices, negatively impacting JNEU. Conversely, low levels can boost prices.

Interest Rates: Higher interest rates can increase the cost of holding futures contracts, potentially decreasing JNEU's value.

Currency Fluctuations: Changes in the value of the US dollar relative to other currencies can affect the price of natural gas, impacting JNEU.

Storage Capacity: Limited storage capacity for natural gas can exacerbate price volatility, influencing JNEU's performance.

Regulatory Changes: New regulations affecting natural gas production, transportation, or usage can impact prices and JNEU.

Renewable Energy Adoption: Increased adoption of renewable energy sources can decrease demand for natural gas, potentially lowering JNEU's price.

Technological Advancements: Technological improvements in natural gas extraction or transportation can affect supply and, therefore, the ETF's value.