The above-season temperatures and gas futures are falling sharply due to lower fuel consumption and a weaker outlook.
The onset of a warmer-than-expected winter for weeks in much of the world, especially in the United States, has eased fears over the gas crisis that is expected to trigger blackouts and increase electricity bills.
Forecasts point to above-average temperatures in most Europe and the U.S. over the next few weeks. There will also be milder weather conditions in much of China, the world’s largest gas importer, over the next ten days, and Tokyo may see a temperature rise in mid-January.
Gas futures are falling sharply due to lower fuel consumption and a weaker outlook. U.S. benchmark prices fell as much as 12 percent on Tuesday to below $4 per million British thermal units for the first time since February.
According to meteorologist Brett Anderson of AccuWeather, most of Southern and New England closed the month warmer than average, despite a winter storm that swept across the U.S. in December, causing gas forecasts to rise.
