Shares of natural gas producers have fallen in line with a decline in commodity prices.
U.S. natural gas futures dropped 1.3% to $2.60 per million British thermal units (mmBtu). This decrease came after the Energy Information Administration (EIA) reported a larger-than-expected increase in natural gas storage.
Major companies like CNX Resources, Cheniere Energy, Energy Transfer, and Williams Companies experienced drops in their stock prices, ranging from 1% to 1.2%.
New Fortress Energy saw a sharper decline, with its shares dropping 3.5% to $9.22.
Additionally, exchange-traded funds (ETFs) such as the United States Natural Gas Fund and ProShares Ultra Bloomberg Natural Gas also faced losses, down 1.8% and 3.6%, respectively.
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