In view of the sustained rise in US stockpiles more than predicted for the fifth consecutive week, which reduced concerns of supply shortages, natural gas prices in the United States fluctuated after they dropped to their lowest levels since late March.
According to Bloomberg News Agency, the cost of gas delivery in November of next year dropped by 3.8% to $5.
253 dollars per million calories were traded on the NIMEX exchange today, Thursday, before gas losses subsequently decreased by ten and 37 minutes and technical indicators pointing to the end of the large sales wave. Prices decreased by 1.5% in the morning New York time, to $5. 379 for every million calories.
Since peaking in August at its highest levels in 14 years, the cost of gas needed to operate power plants and heat homes has dropped by more than 40%.
According to the US Energy Information Administration, natural gas stocks in the country have increased by 111 billion cubic feet over the past week, a significant increase over the 73 billion cubic feet average increase over the previous five years. The increase also exceeded analysts’ average expectations, coming in at 107 billion cubic feet.
American natural gas prices dropped to their lowest levels in six months.
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