Natural Gas Prices

Just beginning of nat gas decline, could hit $2.50: Pro

Nat gas all about supply & weather: Pro
Nat gas all about supply & weather: Pro

Natural gas futures have been hit lately and it looks like it is just the beginning of the commodity's decline, one energy pro told CNBC on Tuesday.

Peter Amandio, president of Chicago Energies, said a supply surplus and mild weather made the market look technically very weak. He likened it to crude's initial descent.

"You have a lot of room on weekly and monthly charts to the downside and I would expect below these levels you should test at least $2.50," he said in an interview with "Squawk on the Street."

Nat gas got hammered Monday and was seesawing Tuesday morning, last trading at about $3.15 per million British thermal units.

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"There is a glut of Appalachian gas right now, so without weather it's going to head to the downside," Amandio said.

While mild weather is also a bearish indicator for the commodity, he said that the forecast can always change.

"You always have to keep in mind this is the natural gas market. You are going to have a lot of shorts in this market because of how it looks technically and if any time we do get cold, you will have a quick move to the upside," Amandio said.

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