Natural Gas Demand Drops Due To Mild Weather Forecasts.
Natural gas prices experienced a significant decline of -3.49% yesterday, settling at 138.3, as forecasts for mild weather dampened demand for heating. The U.S. Energy Information Administration (EIA) reported a larger-than-expected withdrawal of 9 billion cubic feet (bcf) from storage, contrasting with a withdrawal of 65 bcf during the same period last year and a five-year average decrease of 87 bcf. Meteorologists anticipate warmer-than-normal weather across the Lower 48 states until March 18, followed by a shift to near- to colder-than-normal temperatures from March 19-26.
