Natural gas markets experienced a significant downturn on December 13, 2024, as futures prices fell sharply following a brief rally earlier in the week. The decline was primarily attributed to profit-taking activities after a two-day surge that was initially fueled by a stronger-than-expected storage withdrawal. Analysts from Gelber & Associates noted that the selling pressure was likely a result of traders capitalizing on recent gains. Additionally, LNG feed gas levels were reported at 14.8 Bcf/d, with facilities like Freeport and Plaquemines ramping up operations, according to NGI data. This increase in supply may have further contributed to the downward pressure on prices.
The ProShares Ultra Bloomberg Natural Gas ETF (BOIL) dropped to $44.02, marking a 3.63% decrease from the previous close as of 3:30 PM ET on December 13th.