U.S. natural gas futures fell over 4% on Monday as liquefied natural gas (LNG) exports continued to drop with record low gas prices in Europe and Asia. The price decline came despite forecasts for warmer U.S. weather and higher air conditioning demand over the next two weeks than previously expected.

Front-month gas futures for July delivery fell 7.5 cents, 4.1%, to settle at $1.774 per million British thermal units. Data provider Refinitiv said gas output in the U.S. Lower 48 states was on track to fall to 87.6 billion cubic feet per day (bcfd) on the first day of June, down from a one-year low of 89.3 bcfd in May and an all-time monthly high of 95.4 bcfd in November…