Natural gas plunges 10% to its lowest level since 2020 as winter demand concerns fade
continued their precipitous decline on Tuesday as the energy commodity plunged to levels not seen since September 2020.
US natural gas prices fell as much as 10% to a low of $2.06 per million BTUs on Tuesday, representing a decline of 79% from its August high.had sparked a surge in natural gas prices and other commodities as it became apparent that Europe would have to eventually stop buying from Russia and find other sources amid an onslaught of economic sanctions.
To prepare, Europe built up its reserves of the fuel to prepare for a potentially dire winter scenario in which cold weather would spark strong demand and lead to dwindling supplies and a price surge., as demand for the commodity did not prove to be as strong as it would be during a particularly cold and prolonged winter.
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