09:29 AM EDT, 10/04/2024 (MT Newswires) -- Natural gas prices weakened early on Friday, falling off from the highest since June 12, as demand remained light amid hurricane damage in the southeast and mild temperatures in much of the country.

Gas for November delivery was last seen down US$0.05 to US$2.92 per million British thermal units.

The price of the fuel has climbed 38% over the past month, even as the autumn shoulder season cuts cooling demand while winter heating demand has yet to take hold.

Inventories of the fuel stored for winter use remain ample, with the Energy Information Administration on Thursday reported 55-billion cubic feet of gas was put into storage last week, leaving stocks at 3.55-trillion cubic feet, 5.7% above the five-year average.

"Amid the humanitarian toll from Hurricane Helene, Southeast demand remains depressed, with hundreds of thousands still without power. Yet, US natural gas prices overall remain elevated. While we thought the market was too bearish at times earlier this year, we now think that it may have gotten ahead of itself prior to the winter season starting in earnest," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.

Long-term forecasts from the National Weather Service see most states east of the Mississippi River with seasonal or cooler temperatures over its six to 14 day outlook, while states to the west of the river will be warmer than average.