“The forecasts are looking even warmer,” Gene McGillian, a senior analyst and broker at Tradition Energy, told Bloomberg. “There’s a lot of gas in storage, and production levels are still healthy. Without a turnaround in the weather, there’s not much to halt this kind of price slide.”
With demand low and supply rising, natural gas inventories hit 3.88 trillion cubic feet as of December 4, or 6.5% above the five-year average.
United States Natural Gas Fund
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Max Chen contributed to this article.