U.S. Natural Gas Prices Plummet Despite Inventory Drop

Natural gas prices in the United States have plunged and remained low despite a sharp drop in inventories at the end of 2022. Reuters’ John Kemp reported today that working gas stocks in underground storage in the U.S. had ended last year 9% below the five-year average for that time of the year, falling by three percentage points in just two weeks. The reason for the sharp slump was the cold spell that gripped much of the United States, driving much higher demand for gas. Prices, however, have remained low thanks to fast growth in production,…