Natural Gas Prices: NGCRY.US represents Gazprom's ADR. Gazprom's profitability is directly linked to natural gas prices; higher prices generally boost revenue and the stock price.

Geopolitical Events: As Gazprom is a Russian company, geopolitical events, particularly those affecting Russia's relationships with Europe (a major natural gas market), have a significant impact. Sanctions, political instability, and international conflicts can negatively affect the stock.

Russian Economy: The overall health of the Russian economy influences investor sentiment towards Russian companies, including Gazprom. Economic downturns or instability often lead to lower stock valuations.

Gazprom's Production & Export Volumes: The volume of natural gas Gazprom produces and exports directly affects revenue. Decreases in production or export capacity (due to infrastructure issues or political decisions) can lower the stock price.

Regulatory Environment: Russian government regulations and policies regarding the energy sector play a crucial role. Changes in taxation, export regulations, or ownership rules can significantly impact Gazprom's financial performance and stock price.

Dividend Policy: Gazprom's dividend payouts influence investor interest. Higher or more consistent dividends tend to attract investors, while cuts or uncertainties can lead to sell-offs.

Exchange Rates: Fluctuations in the Russian Ruble exchange rate affect the value of Gazprom's earnings when converted to US dollars, impacting the stock's US dollar price.