Natural-gas drop drives day’s losers
Natural-gas companies like shale driller Coterra Energy and pipeline operators Oneok, Targa Resources, and Williams Companies were some of the worst-performing issues in the S&P 500 on Monday, as US gas futures dropped in early trading.
As is often the case, the weather is at the heart of the sell-off. Traders have long been betting on relatively tepid demand for natural gas this winter, and Reuters reported that these expectations, along with industry expectations that US production will rise next year to meet growing export needs to supply Europe, were weighing on prices.
As is often the case, the weather is at the heart of the sell-off. Traders have long been betting on relatively tepid demand for natural gas this winter, and Reuters reported that these expectations, along with industry expectations that US production will rise next year to meet growing export needs to supply Europe, were weighing on prices.