US natgas futures fall 3% on lower demand forecast

Daily gas output seen at four-month low Daily gas flows to LNG export plants seen at five-month high Spot gas prices in Pennsylvania fall to lowest since November 2020 By Scott DiSavino NEW YORK, Oct 12 (Reuters) — US natural gas futures fell about 3% on Monday on forecasts for less demand next week than previously expected, and a drop in spot prices in Pennsylvania to multi-year lows. That price decline came despite a continued drop in daily output to a four-month low and a rise in daily gas flows to liquefied natural gas export plants to a five-month high. Front-month gas futures for November delivery on the New York Mercantile Exchange (NYMEX) fell 9.4 cents, or 2.9%, to $3.126 per million British thermal units (mmBtu). On Friday, the contract closed at its highest since September 24. Even though gas futures were on track to rise for a third month in a row, speculators last week boosted their net short futures and options positions on the NYMEX and Intercontinental Exchange to their highest levels since February 2024, according to the US Commodity Futures Trading Commission's Commitments of Traders report. In the spot market, meanwhile, mild weather and pipeline issues trapping