December 2015 Vol. 242, No. 12

Features

Gas Glut Mirrors Problems Facing Oil Markets

Natural gas prices have fallen to their lowest levels in three years, plummeting by more than 10% on Oct. 26. The balance of natural gas supply and demand typically goes through seasonal fluctuations, with inventories building during the summer months in North America as surplus production is diverted into storage. Then, in winter months, consumers draw down on natural gas inventories as heating demand spikes. But natural gas production has reached record heights in the last two years, pushing down spot prices to multiyear lows. After consistently trading at or above $3 per MMBtu for much of the last three years, Henry Hub spot prices have dropped below that threshold in 2015 as production

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