Investing.com - U.S. natural gas prices traded largely unchanged Monday, but near its lowest levels for a month as local weather conditions improved, diluting demand requirements.

At 09:20 ET (13:20 GMT), natural gas prices fell 0.1% to $3.833 per million British thermal units, or MMBtu, down over 10% over the course of the last month.

Data released late last week showed that total U.S. consumption of natural gas fell by 7.8% compared with the previous week, according to S&P Global Commodity Insights.

Natural gas consumption in the residential and commercial sector declined by 21.8% week over week as warmer weather spread across the country, while consumption in the industrial sector fell by 3.2%.

On the supply side, the U.S. will hold an oil and gas lease sale in the Gulf of Mexico, the Interior Department said on Friday, and will release a proposed notice of it in June.

The auction of drilling rights would be the first under a five-year leasing plan finalized by the Biden administration in 2023.

In Europe, Shell lowered its first-quarter liquefied natural gas production outlook in a trading update earlier Monday, citing the impact of bad weather in Australia.

The British energy giant guided for LNG output to reach between 6.4 million and 6.8 million metric tons, down from a previous forecast of 6.6 million to 7.2 million tons.

It produced 7.1 million tons of LNG in the fourth quarter of last year.

The downward revision was because of cyclones and unplanned maintenance in Australia, the company said, adding that its gas division trading results are expected to be in line with the previous quarter.