US Gas Extends Drop as Oil Price Decline Trumps Weather Shift
Flares burn off excess natural gas at oil and gas wells near Tarzan, Texas.
Photographer: Justin Hamel/BloombergUS natural gas futures fell by more than 10 cents for a second day as declining oil prices outweighed an increase in expected heating demand in the coming weeks.
The outbreak of war in the Middle East spurred rising global energy prices, triggering financial inflows into baskets of commodities, regardless of whether the market for each product is fundamentally affected by the war. US gas in the short term is largely insulated from an overseas supply shock, given domestic export terminals are already operating near maximum capacity.