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
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Max Chen contributed to this article.