Natural Gas Prices Reach Lowest Point Since 2012

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From Bloomberg:
Natural gas futures tumbled to the lowest since April 2012 as traders reacted to near-record inventories and mild weather that’s pushing back the start of winter demand for the heating fuel. 
The eastern U.S. may be warmer than usual from Nov. 1 to Nov. 10, according to Commodity Weather Group. Stockpiles totaled 3.81 trillion cubic feet Oct. 16, 4.5 percent above the five-year average, according to a government report. Bank of America Merrill Lynch analysts lowered their year-end price target. 
“The pressure is on here with the lack of weather and the storage situation,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by phone. “It’s really gotten the attention of a lot of investors suddenly just how oversupplied we are.”

Natural gas for November delivery fell 22.4 cents, or 9.8 percent, to settle at $2.062 per million British thermal units on the New York Mercantile Exchange, the lowest since April 26, 2012. Futures touched $2.05 in the biggest intraday drop since February 2014. Volume was 90 percent above the 100-day average.
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