Thursday’s price drop comes as forecasters are predicting warmer-than-normal weather to continue into late January
U.S. natural gas futures dropped about 5 per cent to a 10-month low on Thursday on forecasts for warmer-than-normal weather to continue into late January.
Analysts forecast U.S. utilities pulled 228 billion cubic feet of gas from storage during the week ended Dec. 30. That compares with a decrease of 46 bcf in the same week last year and a five-year average decline of 98 bcf. After several delays from October to November and then to December, Freeport now expects the facility to return in the second half of January, pending regulatory approvals.
Freeport shut on June 8 after a pipe failure caused an explosion due to inadequate operating and testing procedures, and human error and fatigue, according to a report by consultants hired to review the incident and suggest corrective actions. After jumping about 5 per cent on Wednesday, front-month gas futures on Thursday fell 20.8 cents, or 5.0 per cent, to $3.964 per million British thermal units at 8 a.m. EST , putting the contract on track for its lowest close since Feb. 11 for a second time this week. It also closed at its lowest since Feb. 11 on Tuesday.
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