Natural gas prices in the United States continued their decline on Tuesday after experiencing a rebound on Monday. Natural gas prices saw their biggest one-day percentage gain in nearly one year as cooler weather was predicted in the Midwest later in the month.
On the New York Mercantile Exchange, natural gas for delivery in January lost 3.8 cents, down 2.01%, to $1.873 per million British thermal units.
On Monday, natural gas jumped .15%, climbing 14.4 cents, after new weather forecasts predict cooler temperatures across the central region of the United States in the final week of December.
On December 18, prices dropped to $1.684, a 17-year low, as warmer weather impacted prices. An El Nino has caused an unusually mild winter, which has limited the number of heating days this year.
Venture gas prices have dropped almost 37% so far in 2015, the largest yearly decline since 2006. Growing stockpiles and weak demand are weighing on the fuel’s prices.
As of last week, natural gas storage was 3.846 trillion cubic feet, 14.1% higher than the levels normally seen this time of year.
The Energy Information Administration is expected to release its next storage report on Thursday. The withdrawal of 45 billion cubic feet is expected for the week ended on December 18.