Natural Gas Falls Again, Reaching a 22-Month Low as Forecasts Expect Mild Weather
Natural gas futures fell again early on Wednesday, dropping to a 22-month low as forecasts for mild weather are expected to cut demand while supply remains ample.
Gas for March delivery was last seen down US$0.09 to US$2.60 per million British thermal units, the lowest since April 2021.
The price of the fuel is down by a third over the past month as a mild winter for much of the United States limits heating demand, while supply remains high as the Freeport LNG plant remains out of service after a June fire, freeing two-billion cubic feet of gas per day for the domestic market.
Last week, the Energy Information Administration reported fuel stocks were 4.9% above the five-year average.
The National Weather Service's six to 10-day forecast expects most states east of the Rocky Mountains to see warmer than seasonal temperatures over the period, keeping heating demand low.
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