U.S. natural gas prices have experienced a sharp decline of over 10% on Monday, driven by soaring inventories and forecasts of warmer than usual weather. The U.S. enters the heating season with the highest natural gas in storage since 2020, boasting 5% more than the previous five-year average. Contributing to the surplus are a milder 2022-2023 winter, weaker heating demand, and a 19% increase in working natural gas inventories by April 1, 2023.
These factors are exerting downward pressure on prices, which have fallen from $3.40 per MMBtu on November 13 to $2.21 on December 11. Forecasts indicating future mild weather patterns combined with robust production levels suggest a continuation of lower natural gas prices in the short term.
Source : https://www.researchandmarkets.com/issues/us-natural-gas-prices-plummet
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