Natural gas was cratering Monday, as mild weather forecasts compound a supply surplus and a general energy market swoon.
Nat gas futures were as low as $3.12 per million British thermal units, which is the lowest level since January 2013, and represents a decline of 15 percent in two trading sessions. (The futures have ticked a bit higher after hitting those lows at 9:44 a.m. ET, but are still down sharply on the day.)
The backdrop for the move is Thursday’s natural gas inventory report, which showed a year-over-year supply surplus for the first time since December 2012. However, it was not until this news was compounded by a mild seven-day forecast for the Northeast that nat gas futures really started to plunge.
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