Tumbling gas futures reflect traders’ concern that another no-show winter will leave a glut of the fuel in storage, weighing on prices next year. While declining production from shale basins and record demand from power plants has helped to narrow a supply surplus, stockpiles remain above normal.
Gas futures for November delivery fell 10.6 cents, or 3.5 percent, to $2.887 per million British thermal units at 10:20 a.m. on the New York Mercantile Exchange. Prices earlier dropped to $2.852, the lowest since Sept. 15. Futures capped the biggest one-week drop since February last week, according to Bloomberg.