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Natural Gas Dropped Due To Increased Production Levels And Subdued Demand.
Natural gas prices experienced a decline of -3.29%, settling at 135.1, driven by a combination of heightened production levels and subdued demand. The resumption of gas well operations after a severe cold snap in mid-January contributed to production nearing record levels in the U.S. Lower 48 states. However, technical issues at Freeport LNG’s export plant impeded gas flow to the country’s LNG export facilities, with a return to record levels expected only when the plant is fully operational. Government data revealed that storage levels remain 10.6% higher than the seasonal average, indicating a surplus that has contributed to the downward pressure on prices.
