Natural gas tumbled to a 29-month low in New York as forecasts showed a mix of mild and colder-than-normal weather that would limit demand for the heating fuel.
Temperatures may be mostly average in the central and eastern U.S. through Feb. 18, with frigid weather confined to the Northeast, according to Commodity Weather Group LLC in Bethesda, Maryland. A gas stockpile deficit to the five-year average has narrowed to 3 percent from a record 55 percent at the end of March.
“We’re seeing conflicting reports about how cold it’s going to be,” said Phil Flynn, a senior market analyst at Price Futures Group in Chicago. “The gas market continues to be well- supplied.”
Natural gas for March delivery fell 9.2 cents, or 3.3 percent, to $2.662 per million British thermal units on the New York Mercantile Exchange, the lowest settlement since Aug. 29, 2012. Volume for all futures traded was 16 percent below the 100-day average at 2:47 p.m. Prices are down 50 percent from a year ago.You can continue reading about this by clicking here.
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