Futures prices fell to a one-month low on Friday after plunging more than 12% for the week. The commodity is currently trading around $2.34 per million British thermal units, which is nearly 50% below where it traded a year earlier. It’s down 21% for 2019.
Excess supply is pressuring prices. Inventory built up last spring following a warmer-than-expected winter, and U.S. production has climbed to a record high, according to data from the U.S. Energy Information Administration.
A milder fall season is also having an impact on prices. According to Credit Suisse, temperatures since September have been 4%…