Natgas stocks fall on record output, milder weather forecast

Shares of U.S. natural gas companies down as natgas futures fall more than 5% NGA/

U.S. natgas futures NGc1 down 6.8% at $4.15 per million British thermal units (mmBtu). Prices rose to their highest level since December 2022 on Monday but fell 0.9% in the previous session

Natural gas prices were weighed down by record production levels and predictions of milder weather over the next two weeks than previously expected, which could dampen heating demand and enable utilities to draw less gas from storage

Natgas companies CNX Resources CNX.N down 1.8%, EQT Corp EQT.N falls 1% and New Fortress Energy NFE.O down 2.7%

ETFs - United States Natural Gas Fund UNG.P and ProShares Ultra Bloomberg Natural Gas BOIL.P down 5.1% and 10.3%, respectively