Gas Prices Reverse as Production Edges Up (UNG)

nited States Natural Gas ETF (NYSE: UNG) edged lower mid-day on Monday as futures prices declined back below $3.30 per million btu. The decline came in response to an EIA report showing natural gas production in the lower 48 states reached record levels in October, climbing 0.4 percent month-over-month and 2.6 percent year-over-year. Production totaled 73.54 billion cubic feet per day, the highest monthly figure on record since before January 2005. Prospects for below normal winter temperatures are also weighing on prices.

Goldman cut its 2013 natgas forecast to $3.75 from $4.25. Meanwhile, Raymond James cut its 2013 natgas view to $3.25 from $3.75 and initiated a 2014 target of $3.75.

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