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Natgas Suffers Its Worst Week Since January

Natural gas futures in New York capped the biggest weekly loss since January as the outlook for an unusually mild December threatens to extend a supply glut.

Temperatures will be above normal across the East from Nov. 25 through Nov. 29, with warmth lingering in the Northeast, mid-Atlantic and the Great Lakes areas the following five days, said MDA Weather Services. The high in Manhattan on Nov. 27 may be 58 degrees Fahrenheit, 8 above normal, according to AccuWeather’s website.

Gas prices tumbled 9.1% last week, capping the biggest weekly decline since Jan. 29, after a government report showed stockpiles soared to an all-time high of 4 trillion cubic feet. Production continues to outpace supply as mild weather delays the start of the peak heating-demand season, when consumers typically start to draw inventories down.

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