Lower 48 Production Decline Boosts Natural Gas Futures

Natural gas futures rallied in midday trading on Tuesday as production levels in the Lower 48 fell to their lowest point since early August, according to recent data.

As a result of the supply dip, forecasts are showing the season's first meaningful heating demand taking shape. This has contributed to higher prices for October New York Mercantile Exchange (NYMEX) futures, which were trading at $2.928/MMBtu as of 11:56 a.m. ET.

This marks an increase of 9.2 cents from the previous day's close.