US natural gas futures slip over 2% on forecasts for milder weather

U.S. natural gas futures fell over 2% to more than a one-week low on Wednesday on forecasts for cooler weather, especially in the northeastern part of the U.S. Front-month gas futures for September delivery on the New York Mercantile Exchange were down 5.4 cents, or 2%, at $2.61 per million British thermal units (mmBtu) at 9:49 a.m. EDT (13:49 GMT), its lowest level since Aug. 7. Data provider Refinitiv forecast U.S. gas demand, including exports, would rise from 104.9 billion cubic feet per day (bcfd) this week to 106.6 bcfd next week. Refinitiv said average gas output in the Lower 48 states was 101.8 bcfd so far in August, matching the reading in July, and not far from a monthly record of 102.2 bcfd in May. Gas flows to the seven big U.S. LNG export plants have fallen from an average of 12.7 bcfd in July to 12.4 bcfd so far in August, mainly due to reductions at Venture Global LNG's Calcasieu facility in Louisiana.