(Bloomberg) -- Pipeline operator Williams Cos. saw net losses from commodity derivatives at $138 million for the first half of the year as US natural gas prices plunged.
That compares with a net gain of $621 million for the same period of 2023, according to a filing Monday from the company.
In 2023, the company’s foray into natural gas trading seemed to be paying off, with much of its profit growth in the beginning of the year coming from actively buying and selling fuel amid a plunge in the commodity price. That streak has seemed to run out in 2024 as stubbornly high inventories have kept prices depressed even amid intense US heat that’s created demand for running air conditioners.
An unusually mild US winter had damped demand for the heating fuel, causing stockpiles to balloon. Natural gas prices have been hovering near a three-month low.
Williams’s shares were little changed in after-market trading Monday.
©2024 Bloomberg L.P.
