2023-05-01 17:52:15 ET
U.S. natural gas futures fell nearly 4% Monday on record production and forecasts for milder weather next week than previously expected.
Front-month Nymex natural gas futures ( NG1:COM ) for June delivery settled -3.8% at $2.318/MMBtu, after closing Friday at its highest level since mid-March; U.S. gas is still down 48% for the full year.
ETFs: ( NYSEARCA: UNG ), ( UGAZF ), ( BOIL ), ( KOLD ), ( UNL ), ( FCG )
Gas-focused equities fell Monday, including Antero Resources ( AR ) -4.1% , Southwestern Energy ( SWN ) -1.9% , EQT Corp. ( EQT ) -1.6% , Range Resources ( RRC ) -1.3% , Coterra Energy ( CTRA ) -0.6% , Chesapeake Energy ( CHK ) -0.5% .
Average gas production in the Lower 48 states rose to a record 101.3B cf/day in April , up from the prior all-time high of 100.5B cf/day in March, according to data provider Refinitiv.
With the weather expected to turn seasonally warmer next week after cooler than normal weather during May 1-5, Refinitiv forecast U.S. gas demand including exports would decline from 95.6B cf/day this week to 91B cf/day next week.
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U.S. natural gas slides on record production, outlook for milder weather