US natural gas dropped for a second session on the outlook for warmer temperatures across large parts of the country, which is likely to trim demand for the fuel used for heating and power generation.
Futures for March delivery slipped as much as 6.5% to $3.200 per million British thermal units in early Asian trading. Temperatures are expected to be above normal in central and southern US from the end of this week, before warmer conditions move to the east, according to a government forecast.
Prices dropped 2.5% on Friday, snapping a three-day gain, after a weekly report by Baker Hughes showed a significant uptick in drilling in the Haynesville shale in northwest Louisiana and East Texas. A higher rig count typically signals more supply later on, and that can weigh on near-term prices.
US natural gas spiked at the end of last month to the highest level in more than three years after a cold snap led to higher demand and disrupted some supply. Futures have since unwound all those gains.
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