U.S. Natural Gas Price Hits 25-Year Low, Storage Nearly Full

Reuters is reporting natural gas prices “collapsed” over 7% and hit a “near 25-year low” yesterday. The article says demand destruction from the coronavirus and worldwide shutdowns, along with an excess supply in storage caverns which are “expected to be full by the end of the summer season,” is the reason. Gas in storage is currently 18% above the 5-year average. The July futures NYMEX natural gas price contract, which expires today, was down -9.5% yesterday to $1.44/MMBtu. The August contract closed down -7.9% to $1.53/MMBtu.

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