US natgas futures slide

NEW YORK: US natural gas futures fell about 3% on Friday on forecasts for cooler weather and lower demand next week than previously expected.

That price decline came even though output was on track to fall for a fourth day in a row on Friday after hitting a record high on Monday, and despite forecasts for hotter weather in late August.

Also weighing on prices was the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, which has left more gas in the United States for utilities to inject into stockpiles for next winter.

Freeport LNG, the second-biggest US LNG export plant, was consuming about 2 billion cubic feet per day (bcfd) of gas before it shut on June 8. Freeport expects the plant to return to at least partial service in early October.

For the week, the contract was on track to gain about 6% after sliding 2% last week.