MOSCOW, 9 Aug — PRIME. Natural gas prices fell to almost a three-week low on Monday, Reuters reported. Prices came under pressure due to record high production and amid forecasts of less hot than previously expected weather in the next two weeks.
Gas futures are trading in Europe above $2,000 per thousand cubic meters
In addition, lower prices on Monday contributed to the reduction of pipeline gas supplies to Mexico and the ongoing suspension of the Freeport LNG terminal.
Near-term natural gas futures on the NYMEX ended the session down 47.5 cents, or 5.9%, at $7.589 per million Btu. Contracts closed at the lowest level since July 19.
Over the past period of the year, quotations for the nearest gas futures on the NYMEX jumped by 103%. In Europe, gas traded at about $57 per MMBtu, while in Asia it traded at about $44.