Natural gas falls with stockpiles and temperatures still high

Natural gas prices plummeted to a four-week low as mild temperatures and record stockpiles continue a months-long rout for the heating fuel.

Prices for the front-month December contract NGZ15, -2.80% settled down 13.1 cents, or 5.8%, at $2.145 a million British thermal units on the New York Mercantile Exchange. The fall is the largest one-day percentage drop since prices fell to a three-year low in late October and comes on top of a 3% decline Thursday. Gas has lost 10% in total during its four-session losing streak.

The market lost 9.1% for the week, its seventh losing week in the past 10. It is down 27% from the six-month high set in mid-August. Every futures contract until January 2018 now trades at below $3/mmBtu, a sharp reversal from a few months ago when futures in 2016 and 2017 had long traded above $4/mmBtu.

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