Gas declined 4.9 percent this week as the National Weather Service said the weather will be cooler than normal from Aug. 10 to Aug. 14. Temperatures were above 100 degrees last month in cities such as New York and Chicago. Gas yesterday closed below $4 for the first time since March after a bigger-than-forecast stockpile increase.
“Natural gas is a weather play and we’ve lost the bullish weather,” said James Williams, an economist at WTRG Economics, an energy research firm in London, Arkansas. “I think gas will trade below the $4 level unless the weather gets really hot again.”