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Natural gas prices have dropped to lowest level since 2012, due to expectations of warmer weather well into next month and record inventory pile up.
Natural gas price is down close to 10% today, dropping from $2.29/mmbtu to as low as $2.05/mmbtu.
- According to US Energy Information Administration (EIA) Natural gas inventory is likely to hit 3.956 trillion cubic feet (tcf), highest on record for October. Last week there was storage injection of 81 billion cubic feet and this week it is again expected to stay around same level.
- On the other hand, in November stocks usually starts depleting as demand for heating goes up but this year winter could be warmer or late arriving. According to National Weather Service warmer temperature likely to last well into next month.
Natural gas, though might bounce back from $2 psychological support area, it could go down further if weather keep disappointing.
Several forecasting method pointing to drop around $1.85/mmbtu, with some calling as low as $1.5/mmbtu.
Natural gas is currently trading at $2.06/mmbtu.
