The ProShares Ultra Bloomberg Natural Gas ETF (BOIL) closed at $42.67 on December 16, 2024, down 3.13% as natural gas futures fell 1.83% to $3.22. The decline in natural gas prices was driven by warmer weather forecasts across the U.S., which are expected to reduce heating demand significantly. Maxar Technologies reported that temperatures are projected to be much above normal in the East from December 26-30, further dampening demand. Despite a bullish EIA report showing a larger-than-expected draw in natural gas inventories, the market remains oversupplied, with inventories 4.6% above the five-year seasonal average. Additionally, robust production levels at 104.6 billion cubic feet per day continue to weigh on prices.