NEW YORK: US natural gas futures eased to a seven-week low on Friday on forecasts for milder weather and lower demand over the next two weeks than previously expected and near-record output.
Front-month gas futures for January delivery on the New York Mercantile Exchange fell 2.9 cents, or 0.7 percent, to USD3.879 per million British thermal units (mmBtu), putting the contract on track for its lowest close since October 29.
That kept the front-month back in technically oversold territory for a second day in a row. For the week, the contract was down about 6percent after dropping around 22 percent last week.
Looking forward, the market is showing signs that traders are not worried about having enough gas supplies in storage for the winter. The premium of futures for March over April 2026 was trading at a record low of around 1 cent per mmBtu.
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