Weather Models Flip Warmer
US NatGas futures Suffer Biggest One-Day Decline Since 1996
(ZH) – Update – US natural gas futures tumbled on Monday as the latest weather models pointed to warmer conditions across the Lower 48, following several miserable weeks of winter that sent NatGas spot prices soaring due to freeze-offs and spiking power prices amid surging heating demand.
The March contract crashed 26% to about $3.218/MMBtu after the two-week outlook for the Lower 48 indicated temperatures would revert to 30-year seasonal norms. Bloomberg data shows the front-month contract is on the steepest daily loss on a percentage basis since 1996, excluding contract rollover days.
Read Full Article: https://www.thelibertybeacon.com/weather-models-flip-warmer/
