One day after seeing their biggest fall in six years, natgas futures climbed down another 8%, signaling the imminent end of the February rally.
Contracts for April delivery fell about 7% to close under $5/mmBtu for the first time in more than a week.
"As the more medium-to-long term picture of an oversupplied market is still intact, it shouldn't be entirely surprising that a sharp and volatile giveback has manifested out ofa near doubling of prices since early November 2013," TD Securities' Mark Dragosits said in a note.
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