Natural Gas Prices Slide Below $3.00 as Production Rises

Natural Gas prices have continued their downward trend in October, with November futures falling below $3.00 and the 50-day moving average at $3.032.

The contract opened at $3.038 and traded as high as $3.042 before falling to $2.980 by the afternoon, a decline of $0.047 or -1.54% from its opening price.

Production has increased 4.9% year-over-year to 113.8 bcf per day, while demand remains down 0.6% at 75.7 bcf per day.

Baker Hughes reported a three-year high of 134 active gas rigs on Friday, and EIA storage projections indicate end-of-October levels near 3,985 bcf, the highest in a decade.