- 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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