US Natgas Prices Fall Amid Lower Demand Forecasts and Pipe Repairs

US natural gas futures fell about 4.6% on Friday after forecasts suggested less demand next week than previously expected and as work continues to address a problem with the Mountaineer Xpress pipe in West Virginia.

The October delivery contract on the New York Mercantile Exchange dropped 15.1 cents, or 4.6%, to $3.146 per million British thermal units (mmBtu).

Financial firm LSEG reported that average gas output in the US Lower 48 states rose to 112.5 billion cubic feet per day so far in September, up from a monthly record high of 112.3 bcfd in August.

Crews are working to fix the issue on Mountaineer Xpress, and Canadian energy firm TC Energy's Columbia Gas Transmission unit said they will provide another update on Sunday.