UPDATE 1 — US natgas prices settle lower on forecasts for milder weather, lower demand

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 (Adds latest prices) By Scott DiSavino NEW YORK, Oct 12 (Reuters) — US natural gas futures settled down by about 2% on Monday on forecasts for milder weather and less demand next week than previously expected. Limiting losses was a continued drop in daily output to a four-month low and an increase 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 5.3 cents, or 1.6%, to settle at $3.167 per million British thermal units (mmBtu). On Friday, the contract closed at its highest since September 24. Gas futures were on track to rise for a third straight montyhly rise. Last week, speculators boosted their net short futures and options positions on the NYMEX and Intercontinental Exchange to the highest levels since February 2024, according to the US Commodity Futures Trading Commission's Commitments of Traders report. In the spot market, mild weather and pipeline issues trapping some gas in the US North