Natural Gas Plunges 11% on Demand-Killing U.S. Weather Outlook
- Forecasts show mild weather into the middle of December
- Global natural gas shortages haven’t yet spread to the U.S.
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Natural gas futures plummeted 11% in the U.S. as forecasts shifted warmer through the middle of next month, allaying concern about tight domestic supplies amid a global shortage of the heating fuel.
The expiration of the December contract last week amplified the market’s volatility. Prices closed 7.5% higher on Friday as traders rushed to close out bearish positions before the contract rolled off the board. Contracts for January delivery fell 62.3 cents to settle at $4.854 per million British thermal units in New York on Monday.