US natural gas futures experienced a turnaround and declined by 4% on Friday following the release of the most recent report from the Energy Information Administration (EIA). The drop in prices was also influenced by forecasts of milder-than-usual weather conditions, which resulted in decreased demand.
The United States regulator showed a higher-than-expected storage draw in the week ending December 29. Working gas in storage across the country dropped by 14 billion cubic feet (Bcf) compared to the previous week to land at 3,476 billion cubic feet.
US natural gas futures were down by 4.03% for February deliveries to sell at $2.7065 per million British thermal units at 8:42 am ET.
