Natural gas futures are cratering at the end of the trading week as the energy commodity is on track for a steep
January natural gas futures tumbled $0.09, or 3.55%, to $2.41 per million British thermal units (btu) at 12:32 GMT on Friday on the Comex division of the New York Mercantile Exchange. Natural gas prices are on track for a large weekly decline of 10.25%, lowering their
The energy source is poised for a 10.3% loss in November.
According to the US Energy Information Administration (EIA), domestic inventories of natural gas decreased by 28 billion cubic feet for the week ending November 22. The market had penciled in a fall of 89 billion cubic feet. In total, supplies stand at 3.61 trillion cubic feet, up 548 billion cubic feet from the same time a year ago. They are also 31 billion cubic feet below the
Despite getting a slight lift from arctic temperatures that blanketed many parts of the US, a recent National Oceanic and Atmospheric Administration (NOAA) winter forecast suggests that much of the US will experience
So, even with the cold temperatures in October and November, conditions will likely moderate. When you factor in surpluses in storage levels and immense domestic supplies, prices could potentially hover in the mid-$2 range over the next few months.
However, according to MarketWatch, there are some people betting on a
Investors’ concerned were amplified by a Wall Street Journal report that suggested natural gas prices could slide to
In other energy markets, January West Texas Intermediate (WTI) crude oil futures shed $0.12, or 0.21%, to $57.99 per barrel. February Brent crude futures slipped $0.37, or 0.57%, to $62.91 a barrel. January gasoline futures were flat at $1.67 a gallon. January heating oil futures dipped $0.005, or 0.25%, to $1.94 per gallon.
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