US natgas prices fall on record output, ample storage

NEW YORK: US natural gas futures fell about 3% on Tuesday on expectations that record output should allow utilities to keep injecting gas into storage through at least late November.

Front-month gas futures for December delivery on the New York Mercantile Exchange fell 9.1 cents, or 2.8%, to settle at $3.106 per million British thermal units (mmBtu).

That price decline came despite forecasts for heating demand to rise as the weather turns colder during the US Thanksgiving Day holiday week and as record amounts of gas flows to US liquefied natural gas (LNG) export plants.