Natural Gas Price Under Negative Pressure
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After gains of about 16.7 cents a day earlier, gas futures contracts for February on Nymex settled at $3.311 per million British thermal units on Wednesday, down 27.5 cents on the day, while the March contract fell by 14.2 cents to 3.111. dollar. However, due to the seasonally mild weather across large swaths of the United States from south to east to start 2023, demand has diminished and prices are down more than 50% from late last year. Forecasts show the return of more common winter weather in the last week of January. But the weather forecast fluctuates on a daily basis and has left traders skeptical about the severity and duration of the coming cold.
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