US Natural Gas Prices Plummet to 11-Week Low

US natural gas prices fell by nearly 3% to an 11-week low on Friday due to record output, lower flows to liquefied natural gas export plants, and ample amounts of gas in storage.

The front-month gas futures for August delivery on the New York Mercantile Exchange (NYMEX) dropped 9.3 cents, or 3.2%, to $2.778 per million British thermal units, marking its lowest close since May 8.

As a result of this decline, speculators boosted their net short futures and options positions on the NYMEX and Intercontinental Exchange to their highest levels since March 2024, according to the US Commodity Futures Trading Commission's Commitments of Traders report.