U.S. natural gas futures fell 8% on Thursday as the rail union reached a temporary labor agreement with its workers. Henry Hub natural gas futures (NGV2) fell $0.728 MBtu (-7.99%) to $8.397 on the railway deal, without which would have increased the demand for natural gas in an already tight market. A rail industry disruption would have disrupted the flow of coal.
A larger than anticipated storage build for natural gas also weighed on prices, which were trading near record highs due to the tight market. On Thursday, the Energy Information Administration’s…U.S. Natural Gas Prices Plummet On Rail Deal, Storage Build
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