Plagued by lower demand forecasts for next week and an excess supply of fuel left in stock, U.S. natural gas futures fell by more than 1% on Friday.

After reaching their highest level since September 16 at $2.38 per MMBtu, earlier in the session, gas futures for October delivery on the New York Mercantile Exchange fell by 1.9 cents or 0.8% to 2.33 dollars per million British thermal units (MMBtu) at 09:58 EDT (13 8:58am (GMT). According to Robert DiDona of Energy Ventures Analysis, “energy consumption has also strengthened over the past few days, which is another factor that is certainly helping demand, but it somewhat offsets the slight drop in LNG and I think there are a lot of moving parts today and the market is quite indecisive about where to go in the short term.” Natural gas production has started earlier than expected on the Argentine offshore field Fenix, the French oil group TotalEnergies announced on Friday