U.S. natural gas prices fell below $2.90 per million British thermal units (mmBtu), marking their lowest level since November 2024.
The drop reflects a combination of near-record production, ample storage inventories and forecasts for milder weather in the near term. In August, production across the lower 48 states averaged 108.3 billion cubic feet per day, slightly higher than July’s record pace of 107.9 Bcf/d.
Even though summer temperatures were warmer than average in many regions, strong supply has supported robust injections into storage. As a result, stockpiles now sit roughly 6% above their typical seasonal levels, helping to weigh on prices and ease market tightness.