Natural gas prices in the US fall due to mild winter

Natural gas prices in the US fell below $3 for the first time since May 2021 Due to the mild winter, the futures natural gas price in the US fell below $3 for the first time since May 2021. The price of natural gas for February delivery hit $2.919/million BTU in New York. The price of natural gas had reached a 14-year peak of $10.03 in August due to fears that demand would not be met during the winter months. The decline in prices was due to the fact that the US and Europe successfully filled their natural gas storage facilities before winter and that the air temperatures in the Northern Hemisphere were above seasonal norms, reducing demand. In addition, the fact that a large LNG facility in the US state of Texas remained closed for a longer than expected period, reducing gas exports and the delivery of gas to the domestic market also pulled prices down.