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    Home > News > Gas News > News Article

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    Natural gas prices fall 25%.


    December 6, 2022 - CE Noticias Financieras

     

      The most volatile year on record for natural gas futures has taken another sharp turn, noted The Wall Street Journal.

      The Journal said futures have fallen about 25 percent since closing at $7.71 per million BTUs on Nov. 23, before Thanksgiving.

      Yesterday, futures were trading at $5.76 per million BTUs, a drop of 8.29 percent.

      The Wall Street Journal cited unexpectedly warm weather and delays in restarting a large LNG export facility in Texas that has been idled since a fire in June as the big drivers of the price drop.

      Gas trading firm EBW Analytics Group estimates that demand has fallen by 135 billion cubic feet since Thanksgiving and that weather forecasts suggest that the amount of gas in storage, which had been low this summer, could turn into a surplus within two weeks.

      This new price is close to the levels recorded at the beginning of last October, when the price of natural gas dropped to 6 dollars per million BTUs, after the peak in August when the molecule reached 10 dollars.

      The drop in its price then was motivated because the storage level rose 23 percent year-on-year in the first week of the tenth month.

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