Natural Gas Fell Amid Oversupply Caused By A Mild Winter And Record Output Levels.
Natural gas prices experienced a decline of -2.55%, settling at 153.1, primarily due to oversupply resulting from a mild winter and record output levels. U.S. utilities withdrew 96 billion cubic feet of natural gas from storage in the week ending February 23, 2024, exceeding market expectations of an 88 bcf draw. Despite this draw, stockpiles remain high at 2.374 trillion cubic feet (tcf), surpassing last year’s levels by 248 bcf and exceeding the five-year average by 498 bcf.
