Natural-gas futures have continued to fall drastically over the last 3 weeks, bringing prices to their lowest level since January. On Monday, July 6th, natural gas fell by 4% and August natural gas contracts tumbled by 1.6% to $4.16 per million British thermal units. Natural gas went down as low as $4.13/MMbtu the next day, July 7th. Commodity analysts determine that the fall in natural gas prices can be explained by cooler than normal weather and expectations for another big storage build. According to the EIA (U.S. Energy Information Administration), natural gas prices fell sharply on the back of eight consecutive, triple digit weekly increases into U.S. storage.
