Natural Gas Prices Rebound, But Outlook Remains Bearish

Natural gas prices surged by nearly 2% on Friday, rebounding from a seven-week low, as traders returned to the market following a period of declines. Despite reaching a three-year high in December, warmer weather has reduced heating demand, allowing gas storage levels to increase. Forecasts of above-normal temperatures and robust US production, with a two-year high in active drilling rigs, have contributed to a well-supplied market with reduced demand, pushing prices down. However, a slight increase in electricity output may offer long-term support for gas prices.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.