Natural gas prices, October futures, are scraping along at $3.039 per million British thermal units (MMBtu) as of September 15, 2025, teetering just above the critical $3.00 mark and near the bottom of their 52-week range of $2.738-$5.228. This dip, a steep 16% drop since the start of the year, tells a story of abundant supply outpacing demand. High U.S. production, bulging storage levels, and milder September weather have curbed consumption, particularly in the power sector.
What’s driving this market slump, and how did we get here?
