NYMEX Gas Price “Collapses” – Dropped 34.2 Cents (8.7%) Last 2 Days

Once again, the NYMEX natural gas front-month contract (for August) took a plunge, going down 32.40 cents (8.67%) over the last two trading sessions. On the bright side, the price, which closed at $3.4150/MMBtu yesterday, is 40% higher than this time last year. At least there's that. The question is, why is it heading lower, and how low will it go? We went looking for answers in the usual places. It's important to note that most of the loss came in Monday trading, when the price "collapsed" by 28.3 cents (7.6%). Yesterday, the price declined a modest 4.10 cents (1.19%).

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