US Natgas Prices Drop Further
US natural gas prices fell to $2.87/MMBtu on Monday, extending their retreat from a five-week high as traders weighed the prospect of increased supply. Energy Transfer LP’s Hugh Brinson Pipeline in Texas is set to begin service on September 1 and will eventually be able to transport about 2.2 Bcf/d of natural gas from the ...
US natural gas prices continued to drop to $2.87/MMBtu on Monday, sliding further from a five-week peak as traders considered the possibility of higher supply. Energy Transfer LP's Hugh Brinson Pipeline in Texas, scheduled to begin operation on September 1, is expected to transport around 2.2 billion cubic feet of natural gas per day from the Permian Basin to East Texas, potentially boosting domestic gas supplies in Erath, Louisiana.
In addition, the Lower 48 states' output averaged a record 111.4 billion cubic feet per day in August, up from 110.7 bcfd in July, although this gain was somewhat restrained by forecasts of warmer weather. The Commodity Weather Group anticipated above-average temperatures across the eastern two-thirds of the US from September 2-11, which would keep cooling demand high.
Meanwhile, data indicated that gas demand from LNG export plants showed improvement, with Cheniere Energy's Corpus Christi facility and Freeport LNG in Texas resuming operations after maintenance.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.