09:28 AM EDT, 08/20/2024 (MT Newswires) -- Natural gas fell off a one-month high early on Tuesday despite hot long-term forecasts and lower supply.

Gas for September delivery was last seen down US$0.02 to US$2.22 per million British thermal units after rising on Monday to the highest since July 22.

The drop comes even as long-term forecasts from the National Weather Service expect a hot end to August, with the agency's six to 10-day outlook seeing most states east of the Rocky Mountains with above-seasonal temperatures over the period.

"While national demand [for natural gas] has eased to only moderate levels through Friday, a hotter vs normal pattern is expected to set up this weekend into next week for very strong national demand," NatGasWeather noted.

Supply has also eased, with data from S&P Global Platts provided by the U.S. Natural Gas Supply Association showing producers currently supplying 106.8 billion-cubic feet per day, down from 108.4 bcf a week earlier.