Nov. 17, 2025 — U.S. natural gas futures fell more than 2% to below $4.50 per million British thermal units (MMBtu), retreating from a near three-year high of $4.65 reached on November 13. The decline came as short-term mild weather eased immediate heating demand.

Production in the Lower 48 states has reached a record 109 billion cubic feet per day (bcfd) so far in November, contributing to ample storage levels that are now 4.5% above seasonal norms.

Despite the surplus, strong liquefied natural gas (LNG) export demand continues, averaging 17.8 bcfd in November, up from 16.7 bcfd in October. European demand remains a key driver amid reduced Russian gas flows.

Traders are also monitoring expectations for colder conditions in early December, which could boost heating demand and provide near-term support for prices.