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Balmy US Winter Sends Natural Gas Prices Plummeting
Supply is outstripping demand as a warm season has meant less need for heat.
After the warmest winter ever since at least the 1950s, natural gas prices in the US have experienced a freefall to their lowest levels in about three decades, according to an analysis over the weekend by the Financial Times. Benchmark Henry Hub natural gas contracts for March went for $1.61 per mn British thermal units at the end of Friday, a more than 50% drop from mid-January levels. Pedal to the Metal: Supply is firmly outstripping demand as US gas production hit a record 105 billion cubic feet a day in December.
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