US natural gas continues its decline, as futures are toying with and briefly crossing the psychologically important $3.00/MMBTU support level. The price collapse has been unprecedented.
|Henry Hub natural gas active futures contract (Bloomberg)|
Warm weather, ample supply, and limited storage are driving down prices. The amount of gas in storage is substantially higher than the 5-year range.
|Natural gas in storage (billion cubic feet) - source: EIA|
|Natural gas Illinois residents pay for gas vs. the NYMEX futures contract (Bloomberg)|