The Wall Street Journal reported that natural gas prices hit a new two-month low on Wednesday due to continued oversupply.
As quoted in the publication:
Futures for March delivery recently fell 0.9 cent, or 0.5%, to $1.773 a million British thermal units on the New York Mercantile Exchange, the lowest level since December. Prices are less than 2 cents above the 16-year settlement low reached in December.
The natural-gas market is oversupplied due to continued robust production and mediocre consumption, as the El Nino weather phenomenon has kept temperatures warmer than normal in the eastern U.S. this winter and subdued demand for natural gas as an indoor-heating fuel. As of Feb. 12, natural-gas stockpiles stood 26% above the five-year average for this time of year, according to the Energy Information Administration.
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