Natural Gas Drops Most in 3 Years on Forecasts of Warmer Weather

[Redfairen]

Natural gas futures in New York tumbled the most in more than three years on forecasts of moderating temperatures that may reduce demand for the power- plant fuel.

Gas dropped as much as 9 percent after Commodity Weather Group LLC in Bethesda, Maryland, said colder-than-average weather in most of the lower-48 states this week would give way to above-normal temperatures from Jan. 7 through Jan. 11. The low in New York on Jan. 9 may be 38 degrees Fahrenheit (3 Celsius), 11 higher than usual, according to AccuWeather Inc.

“We’re going to see some warm weather across the primary gas-consuming regions,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “As we get into the new year without signs of sustained cold weather, the fundamental picture is going to force us lower.”

The year 2012 will probably overtake 1998 to become the warmest on record in the U.S., according to the National Oceanic and Atmospheric Administration. The first 11 months were the warmest start to any year in the contiguous states since the nation began keeping records in 1895, NOAA’s Climatic Data Center said Dec. 6.


http://www.bloomberg.com/news/2013-01-02/natural-gas-futures-tumble-on-forecasts-of-warmer-u-s-weather.html

[Purveyor]

1. Oh how I wish we were on a nat gas line. Heating oil prices are through the roof! eom

[emmadoggy]

2. We have natural gas heat.

We are on a budget pay setup and since August our monthly payment has been $42.00. We live in NE Iowa, our house is a two-story with about 1600 sq. ft, built in 1945 and is not particularly well-insulated. I have to say that our heat bill is about the ONLY thing in our life right now that I don't feel like we are getting gouged on. Costs of EVERYTHING are ridiculous, but when is comes to heating our house I actually feel like we are getting a decent deal! (It gets re-adjusted every few months, so it will likely go up within in the next month or two, but still a good deal).

Our previous house was basically new, only about 100-150 sq. ft. bigger, very well insulated and we had LP heat. It was costing us FAR, FAR more. We also had some really brutal winters while we lived there, so that didn't help.

[NoOneMan]

3. Once we have an abundance of natural gas,

My natural gas powered air conditioner will have me laughing all the way to the bank!

[Champion Jack]

4. Great news, hopefully it's not economically feasible to frack up the country