U.S. natural gas prices fell on Monday, with futures falling by about 3% to a one-week low. This comes in the face of peak output as well as milder weather forecasts in the U.S. through late October that have decreased the demand for heating.
Front-month gas futures for November delivery declined by 8.9 cents, or 2.8%, to $3.147 per million British thermal units (mmBtu). In Europe, gas prices at the Title Transfer Facility (TTF) benchmark in the Netherlands fell around 10% to $15 per mmBtu as rising LNG output eased supply concerns.
According to data from SUPPLY AND DEMAND LSEG, average natgas output in the Lower 48 U.S. states hit a daily average of 103.4 billion cubic feet (bcfd) so far in October, exceeding the previous record high of 103.1 bcfd in July.