Natural Gas Prices Range-Bound as US Output Hits Record High

US natural gas prices have been range-bound between $2.8 and $2.9 per million British thermal units, as market participants weigh supply and demand signals.

The average output across the Lower 48 states reached a record high of 113.0 billion cubic feet per day in September, surpassing August's monthly record of 112.2 bcfd.

However, daily production is projected to decline to an 11-week low of 109.8 bcfd on Tuesday, which may impact prices.