Natural gas prices drop due to mild weather

NEW YORK -- Mild temperatures have cooled demand for natural gas, sending its price down sharply Monday. Stocks of companies that produce natural gas also fell.

See Full Article

Natural gas is used to heat more than half of U.S. households, according to the American Petroleum Institute. But with unseasonably warm temperatures, there's less demand for it. Temperatures in Chicago, Detroit, New York and Washington have been as much as 25 degrees above normal in the past five days, according to AccuWeather. And the weather forecasting company expects the mild weather to continue next week, with temperatures expected to be between 20 and 30 degrees above normal.

Besides warm weather, there's also an oversupply of natural gas that's pushing prices down. Raymond James analysts said last week, in a note to clients, that they expected natural gas prices to remain "depressed" into next year due to the oversupply.

On Monday, the price of natural gas fell 4.8 per cent to $1.90 per 1,000 cubic feet.

Shares of natural gas producers sank to multi-year lows Monday.

Chesapeake Energy Corp.'s stock fell to a 15-year low, while shares of Southwestern Energy Co. and Devon Energy Corp. both fell to 11-year lows.



Advertisements

Latest Economic News

  • U.S. commission alerted to review allegations against TripAdvisor

    Economic CTV News
    BOSTON -- The U.S. Federal Trade Commission could take action against TripAdvisor after the Massachusetts-based travel company was accused of deleting hotel reviews that contained allegations of rape and other crimes. Several people told the Milwaukee Journal Sentinel this month they were sexually assaulted at Mexican hotels and resorts but the online reviews that mentioned the crimes were taken down. Source
  • Trump SoHo to shed 'Trump' amid reports of sagging business

    Economic CTV News
    NEW YORK -- The Trump SoHo hotel is dropping the name it shares with the U.S. president. The Trump Organization said Wednesday that it is ending its licensing deal with the New York hotel amid reports that the property has struggled to attract business. Source
  • Wellsite pipeline leak spills 560 barrels of oil into northern Alberta swamp

    Economic CTV News
    CALGARY - The Alberta Energy Regulator says a pipeline owned by Calgary-based Mount Bastion Oil & Gas Corp. has leaked about 560 barrels of an oil and water mixture at a northern Alberta wellsite. AER spokesman Jordan Fitzgerald says the regulator has staff supervising cleanup by the company at the site about 65 kilometres northwest of Red Earth Creek, which is about 420 kilometres north of Edmonton. Source
  • Wellsite pipeline leak spills 560 barrels of oil emulsion into Alberta swamp

    Economic CTV News
    CALGARY - The Alberta Energy Regulator says a pipeline owned by Calgary-based Mount Bastion Oil & Gas Corp. has leaked about 560 barrels of an oil and water mixture at a northern Alberta wellsite. AER spokesman Jordan Fitzgerald says the regulator has staff supervising cleanup by the company at the site about 65 kilometres northwest of Red Earth Creek, which is about 420 kilometres north of Edmonton. Source
  • Uber customers torn between scandals and service

    Economic CTV News
    DETROIT -- Uber has managed to hold the title of world's largest ride-hailing service despite its seemingly endless string of scandals. Its latest misbehaviour involving a data breach coverup revealed this week could be the impetus for people to ride elsewhere -- or keep looking the other way. Source
  • Freedom Mobile announces iPhone X dates, provides update on network rollout

    Economic CBC News
    Freedom Mobile will begin taking orders for the Apple iPhone X and iPhone 8 models starting Friday, with the smartphones in its stores on Dec. 8. While that's more than a month after Canada's three national wireless carriers began selling the iPhone X, it will be the first time Freedom Mobile has a full roster of Apple smartphones to offer its customers. Source
  • Highlights of sweeping new Ontario labour laws, including a minimum wage boost

    Economic CTV News
    TORONTO -- Ontario's Liberal government passed a host of changes to labour laws Wednesday. Here are some highlights of the legislation, including the centrepiece minimum wage increase: -- Minimum wage rises from $11.60 an hour to $14 on Jan. Source
  • Canadian grocers expand online services after Amazon acquires Whole Foods chain

    Economic CTV News
    VANCOUVER -- Metro Inc. is looking to expand its online grocery offerings to Ontario next year, making it the latest Canadian retailer to ramp up its e-commerce options in the face of potential competition from Amazon. Source
  • Unknown number of Canadians may be caught up in Uber data breach

    Economic CBC News
    Canada's federal privacy commissioner says Uber Technologies Inc. can't confirm how many Canadians may be affected by an October 2016 security breach that the riding-hailing firm initially tried to cover up. The Office of the Privacy Commissioner of Canada told CBC News it has reached out to the company to ask for more information about the breach. Source
  • Iran-based hacker charged with trying to extort HBO

    Economic CBC News
    An Iran-based hacker plotted to extort HBO out of $6 million US by threatening to release stolen episodes and scripts of hit shows, such as Game of Thrones, at one point taunting the network with a twist on a catch phrase form that series: "Winter is coming. Source