Natural-gas prices sink back to 2012 levels

The winter heating season has begun, but natural-gas prices have dropped to levels they haven’t seen since 2012.

Natural gas for January delivery NGF16, -4.32%  fell 2.5 cents, or 1.2%, to settle at $1.99 per million British thermal units Friday, for a weekly loss of nearly 11%. That was the first settlement under $2 for a most-active contract since April 2012, FactSet data show.

The price drop isn't a surprise considering that domestic natural-gas supplies in storage topped out just above 4 trillion cubic feet the week of Nov. 20, the largest storage level on record, based on U.S. government data.

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