U.S. and European natural gas prices are sliding as warmer weather reduces demand for the heating fuel, and storage levels remain high.
The National Oceanic and Atmospheric Administration's latest 6-10 Day Temperature Outlook shows that nearly all Lower 48 will experience above-average weather. Weather data via Bloomberg shows Lower 48 temperatures are expected to remain above a 30-year average through mid-month. US NatGas storage entered into a drawing period in mid-Nov. and has been sliding since.
A weaker heating demand outlook has sent US NatGas prices down nearly 9% to $4.062 per million British thermal units on the New York Mercantile Exchange in early Tuesday trading. Prices are back to levels not seen since early February 2022. "The risk of extreme market tightness that people were worried about before the winter started seems low now," BloombergNEF's Abhishek Rohatgi wrote.
In fact, Europe has been able to add more gas into storage in the last few days amid a mix of curbed heating needs and typically lower consumption during the holiday season. -BloombergTemperatures across Central EU are expected to hold above seasonal levels through at least the mid-month. We noted days ago the risks of a collapsing polar vortex in the Arctic could send parts of the
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