American natural gas futures remained near their lowest level in three weeks on Tuesday, due to forecasts that mild weather over the next two weeks will keep demand low.

Gas futures for November delivery on the New York Mercantile Exchange remained unchanged at $2,490 per million British thermal units (MMBtu) at 8:11 AM EDT (12:11 GMT). On Monday, the contract closed at its lowest level since September 20

One factor that has weighed on prices in recent weeks has been the reduction in the number of gas-fired power generators burned after hurricanes Milton and Helene left millions of homes and businesses without power.

There were still about 193,000 customers without power in Florida because of Milton, which hit the state on October 9, and 12,000 in North Carolina because of Helene, which hit Florida on September 26 before spreading inland.

In total, Milton caused power outages for around 3.4 million customers, while Helene caused around 6 million outages.

The U.S. National Hurricane Center meanwhile estimated that there is a 60% chance that a disturbance in the Atlantic Ocean will strengthen into a tropical cyclone over the next week as it heads toward Puerto Rico and the Bahamas.

The financial firm LSEG said that average gas production in the 48 contiguous states of the United States has fallen to 101.4 billion cubic feet per day (bcfd) so far in October, up from 101.8 bcfd in September. This figure can be compared to the record of 105.5 bcfd reached in