Natural Gas Prices Plummet on Record Storage Injections

US natural gas futures dipped to $2.73 per million British thermal units on August 14, as output and storage levels surpassed expectations.

The price decline of more than 2% was largely due to robust production and abundant stockpiles, which have been building since March.

Storage injections reached a record 36 billion cubic feet for the week ended August 7, exceeding both analyst forecasts and historical norms of 33 billion cubic feet.

The strong output across the Lower 48 states hit a high of 111.2 billion cubic feet per day in August, edging past July's 110.7 billion cubic feet per day.