Economics
Traders Spooked by El Nino Grind Winter Gas to a 16-Year Low
- El Nino has traders expecting a warmer winter in the U.S.
- Warm Pacific waters are disrupting global weather patterns
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Lingering summer heat and a weather phenomenon that’s raising expectations of a mild winter have put natural gas bears in control of the market for the first time heading into the peak heating season.
Gas prices are tumbling as signs of El Nino mount and temperatures in Manhattan top 80 degrees Fahrenheit (27 Celsius) in late September. Gas for January delivery, when prices typically peak with winter heating demand, is heading into winter at a 16-year low.