Due to the weather forecast announcing milder weather and lower demand over the next two weeks than expected, as well as a production close to records, the contracts for US natural gas prices fell to their lowest level on Friday in seven weeks.

Natural gas futures contracts for January deliveries on the New York Mercantile Exchange fell by 2.9 cents, or 0.7%, to $3.879 per million British thermal units (MMBtu), which puts the contract on the path to a lower close since the October 29.

This maintained the contract At the end of the following month in the oversold zone for the second day consecutive. Over the week, the contract fell by around 6%, after a fall by around 22% in the previous week.