Natural Gas Plunges to Lowest Since April 2012 on Mild Weather
- The eastern U.S. may be warmer than usual through Nov. 10
- BofA Merrill Lynch analysts lower winter price targets
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Natural gas futures tumbled to the lowest since April 2012 as traders reacted to near-record inventories and mild weather that’s pushing back the start of winter demand for the heating fuel.
The eastern U.S. may be warmer than usual from Nov. 1 to Nov. 10, according to Commodity Weather Group. Stockpiles totaled 3.81 trillion cubic feet Oct. 16, 4.5 percent above the five-year average, according to a government report. Bank of America Merrill Lynch analysts lowered their year-end price target.