Weak Demand Triggers Drop In Gas Futures; Cash Prices Tumble
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Prices of natural gas futures dropped for the second day in a row. This week has been tough for those hoping to make money from it. There are a few reasons for this, mainly lower demand and high production levels. The demand is low because of less need for domestic consumption and less desire for liquified natural gas.
Gas futures for June Nymex contract decreased by 12.6 cents to $2.181/MMBtu on Friday. The July contract will take over on Tuesday and dropped 5.9 cents to $2.417. Over its last six sessions, the June contract had a decline in five.
NGI's Spot Gas National Avg. dropped drastically by 26.5 cents on Friday. This came after a tense week where there was a lot of pressure. The new price is now at $1.580.
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