Consequently, the warmer outlook has diminished heating demand where almost half of all households heat with gas. In October and November, the number of gas-weighted heating degree days, a measure of energy consumption, was about a fifth less than the usual.

“We have a ton of supply and there’s still expectations for a relatively warm winter to continue,” Katie Teller, economist at the US Energy Information Administration, told the Financial Times.

Looking ahead, the National Weather Services forecasts above-average temperatures persisting through February across the U.S.

United States Natural Gas Fund

For more information on the natgas market, visit our natural gas category.

Max Chen contributed to this article.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.