U.S. natural gas futures prices have declined sharply, reaching their lowest levels since November 2024. For the week ending August 22, the front-month contract fell by 7% from $2.92 to $2.70 per million British thermal units (MMBtu), while the October contract dropped 6% from $3.37 to $3.16. Over the past five weeks, natural gas prices have plunged approximately 25%. This downward pressure on prices is reflected in the widened 12-month spread, which increased by $0.19 amid a lower prompt price. Despite this, European natural gas prices climbed 8% during the same period due to fading hopes of a Trump-brokered peace in Ukraine and reduced Russian gas flows, forcing Europe to compete with Asia for winter fuel supplies. Meanwhile, West Texas Intermediate (WTI) crude oil futures rose modestly by 1%, increasing $0.86 from $62.80 to $63.66 for the week ending August 22, with the 12-month spread narrowing by 25%. Other commodities showed mixed movements, with methanol and heating oil prices declining, ethanol rising by 2.54%, and UK natural gas increasing by 1.19%. Market analysts note that natural gas prices may continue to drift lower before the onset of winter demand, highlighting the importance of fundamental analysis for investors considering natural gas stocks.