Natural gas slips under $3 to a four-month low as forecasts warm — what it means for UNG
U.S. natural gas futures dipped again Tuesday, shaving off about 1% as milder weather forecasts took the edge off heating demand and sent prices to a fresh four-month low. March gas on the New York Mercantile Exchange lost 2.7 cents, settling at $2.958 per million British thermal units with only two sessions left as the front-month. Data from LSEG put Lower 48 output at 108.7 billion cubic feet per day for February so far. Total demand—including exports—is expected to slide to 128.4 bcfd next week, down from 138.3 bcfd this week. Flows heading to U.S. LNG plants climbed to 18.7 bcfd, while West Texas Waha cash prices stayed stuck in the red for a 13th consecutive day.
