Natural gas and oil are getting crushed.
Futures for April delivery fell more than 5% after the Energy Information Administration reported that stockpiles fell less than expected in the week of February 20.
Storage fell by 219 billion cubic feet to 1,938 bcf, and according to MarketWatch analysts had forecast a decline of as much as 243 million bcf.
Via Reuters’ Edward McAllister, US natural gas prices are the lowest for the month of February since 2012. And this is in spite of harsh winter weather that has swept across the East Coast.
West Texas Intermediate crude oil was also trading lower falling more than 4% to trade back below $US49 a barrel.
Here’s a chart showing the plunge in natural gas:
And in oil: