U.S. Natural Gas Contracts Fell 7% on Wednesday’s

US natural gas futures fell 7% on Wednesday, November 17, with continued increases in production and expectations of a decline in heating demand this week.

As US gas contracts for December delivery ended the trading session lower by 36.1 cents, to settle at $4.816 per million British thermal units.

After weeks of volatile trading, today’s drop is the biggest one-day loss in percentage terms since the 9th of November.

Gas contracts in Asia hit record highs and a 27% jump in European prices over the past three days on concern that Russian gas giant Gazprom will not provide Europe with enough fuel this winter.

The main reason for this is after the German Energy Regulatory Authority suspended the approval process for the Nord Stream 2 pipeline, which would transport gas from Russia to Germany.

The German authority said it would not continue its approval process until Nord Stream 2, which is registered in Switzerland, transfers its main assets and staffing budget to its German subsidiary.