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.