NEW YORK: US natural gas futures slid about 2% to a fresh one-week low on forecasts for milder weather and lower heating demand over the next two weeks than previously expected.
Another factor weighing on prices in recent weeks has been the low amount of gas flowing to liquefied natural gas (LNG) export plants due to ongoing outages at Freeport LNG’s plant in Texas.
Front-month gas futures for April delivery on the New York Mercantile Exchange fell 4.1 cents, or 2.3%, to $1.764 per million British thermal units (mmBtu) by 8:57 a.m. EDT (1257 GMT), putting the contract on track for its lowest close since Feb. 27 for a third day in a row.
Over the past four days of losses, the contract has lost about 9%.
Those price declines came despite a drop in output over the past month after gas prices collapsed to a 3-1/2-year low in February.
Comments
Comments are closed.