Natural Gas Futures Plummet to $2.69 Amid Persistent Supply Pressure

Natural gas futures have reached their lowest level in over three months, trading at $2.69 per million British thermal units on Wednesday after a 17% monthly decline.

The price has fallen from its peak of $7.72 in January to $2.69, a drop of 65% in just seven months.

Despite the low prices, producers are not shutting down production as associated gas from oil-directed drilling continues to flow regardless of the front-month print.

The structural surplus has persisted since March, with inventories sitting 185 billion cubic feet above normal and a further widening expected through peak cooling season.

A Thursday storage report is set to be released at 10:30 a.m. Eastern, which could provide some clarity on the market's trajectory.