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Reuters
Why U.S. natural gas output keeps rising as prices sink
U.S. natural gas prices last week plunged to a 30-month low, crossing below $2 per million British thermal units (mmBtu) for the second time this year, even as some producers have cut drilling to stave off further convulsions. Since the start of the year, U.S. gas futures have collapsed by about 50%, a record drop for a quarter, on rising output and mostly mild weather so far this winter that kept heating demand low and allowed utilities to leave more gas in storage than usual. The amount of gas in U.S. storage, meanwhile, sits about 21% higher than is normal for this time of year, and that surplus will set up U.S. inventories to reach record highs before next winter’s heating season.
