Spot prices for February delivery have reportedly dropped to as low as US$8.50 per million Btu. Furthermore, March delivery prices are estimated to be even lower at US$8.30 per million Btu.
Average to above average temperatures are being highlighted as the primary cause of these prices declines. High inventory levels in China are also a contributing factor, as significant stockpiling took place ahead of time in anticipation of demand spikes which are yet to materialise.
