09:23 AM EST, 01/29/2025 (MT Newswires) -- Natural gas fell to a three-week low early on Wednesday on an expected drop in heating demand as long-term forecasts warm.

In its final day as the active contract, gas for February delivery was last seen down US$0.06 to US$3.41 per million British thermal units, the lowest since Jan.7.

The drop comes as long-term forecasts from the National Weather Service expect southern and eastern states to see seasonal or warmer temperatures in the eight to 14 day outlook, keeping heating demand light. Near term forecasts also see mild weather.

"A chilly weather system will track across the Midwest and Northeast this week w/snow showers and highs of 20s-30s, lows of 0s to 20s. A second milder system will exit S. California and track across the southern US w/showers. Overall, most of the US will be mild this week w/highs of 40s-70s besides the colder Midwest & Northeast," NatGasWeather noted.