US natural gas prices continue to sell-off with an over 7% drop today. NATGAS tested the $2.50 area for the first time since mid-2021. The latest weather forecasts suggest that higher-than-average temperatures in the United States will remain. Temperatures in key heating regions remain above freezing point. While production in Perm dropped slightly and gas demand for electricity production is higher-than-average, lower consumption due to lower heating needs drives the latest price moves.
NATGAS broke below local lows from the beginning of the week in $2.61 area and the downward move accelerated later on. Natural gas is trading almost 8% lower on the day and tests $2.50 area for the first time since June 2021. Source: xStation5
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