UPDATE 1-U.S. natgas futures fall near 5% with oil, mild weather forecasts - Reuters

UPDATE 1-U.S. natgas futures fall near 5% with oil, mild weather forecasts - Reuters:

U.S. natural gas futures fell almost 5%
on Tuesday with oil prices declining as the coronavirus slows
economic growth and forecasts for milder weather and less
heating demand next week than previously expected.

Front-month gas futures for April delivery on the New
York Mercantile Exchange fell 8.6 cents, or 4.7%, to settle at
$1.729 per million British thermal units (mmBtu). That puts the
contract within a nickel of its lowest close in four years.

Brent crude fell to its lowest since 2016 as the
coronavirus pandemic slowed economic growth and oil demand while
Saudi Arabia and Russia kept up their battle for market share. 


Even before the coronavirus started to spread, gas prices
were trading near their lowest in years. Near-record production
and mild weather has enabled utilities to leave more gas in
storage, making fuel shortages and price spikes unlikely this
winter.

Gas futures were trading about 40% below the eight-month
high of $2.905 per mmBtu hit in early November.