U.S. supplies hit a three-year low – 18% below the average for this time of year – and the market could get even worse.
The cleanest burning fossil fuel is in short supply around the globe, driving U.S. prices up 86% so far this year, flirting with levels we have not seen since 2008.
Shoulder season in natural gas is the typically low-demand period, March through April, when people rely less on natural gas to heat and cool their homes. Yet, this year with winter hanging on, demand is staying unseasonably strong. Now if we flip to a hot streak when we use more natural gas to create electricity to power our air conditioners, we are starting to make a tight market even worse. This is normally a time when we can build natural gas inventories, but winter has other ideas.
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