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U.S. natural gas futures plummeted by 21%, settling at $3.42 per million British thermal units. This decrease wipes out the previous Friday's 11.3% surge as short-term weather forecasts have shifted, indicating milder conditions and subsequently reducing demand expectations. According to the National Oceanic and Atmospheric Administration, temperatures are predicted to be warmer than usual across large parts of the country through mid-month, which is anticipated to decrease the demand for heating and power generation. This projection counterbalances the ongoing cold conditions in the southern U.S., where low temperatures have led to efforts to conserve power. Prices have experienced significant volatility in recent weeks. The February contract had soared to a three-year high before expiring last Wednesday due to storm-induced production disruptions and heightened heating demand. The March contract rose again on Friday, driven by mixed forecasts and a bullish government storage report.
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