Warmer Weather Forecasts Send Natural Gas to Severe Loss
U.S. natural gas futures plummeted steeply on Tuesday, witnessing the biggest single-session percentage loss in nearly two year. The price continued to trade lower on Wednesday, weighed down by forecasts for warmer weather through the first two weeks of January
Natural gas for February delivery lost nearly 0.7% to $3.299 a million British thermal units on the New York Mercantile Exchange. The commodity dropped 11.25% in the first trading session of 2017.
Latest weather forecasts indicated the arctic blast may be briefer than many anticipated, with milder temperatures taking hold in mid-January. Mild weather will bring an end to a string of mammoth withdrawals of natural gas from storage which started last December.
Sell Stop at 3.290, Take profit at 3.190, Stop loss at 3.340