Natural gas at six-month lows on cooler weather outlook, Chesapeake -4.7%

|About: Chesapeake Energy Corporation (CHK)|By:, SA News Editor

Chesapeake Energy (CHK -4.7%) suffers sharp losses as natural gas prices tumble to their lowest in nearly six months after weather forecasts over the weekend showed lower than expected temperatures ahead.

Cooling patterns expected to hit the U.S. midwest and northeast over the next 6-10 days have investors betting utilities won't need to burn as much natural gas in the weeks ahead, as summer demand for electricity to run air conditioners eases.

The absence of extreme heat has helped chip away at a record natural gas shortage following last year's unusually severe winter; last week, the EIA reported an eighth consecutive week of producers adding more than 100B cu. ft. of natural gas to storage.

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