US Natgas Prices Edge Up on Tuesday
US natural gas prices fluctuated between $2.8 and $2.9 per million British thermal units as traders assessed production, storage and weather trends. Average Lower 48 output reached 113.0 billion cubic feet per day in September, above August’s monthly record of 112.2 bcfd, although daily production was expected to fall to an 11-week low of 109.8 ...
Natural gas prices in the United States climbed slightly on Tuesday following a mixed assessment of production, storage and weather conditions. Traders analyzed the supply situation, with average Lower 48 output increasing to 113.0 billion cubic feet per day in September. This marked a rise from August's record monthly level of 112.2 billion cubic feet per day.
However, production was expected to dip to a low of 109.8 billion cubic feet per day on Tuesday, as higher summer temperatures boosted gas demand for electricity generation. This increased demand offset the surplus generated by strong output and milder spring weather, which had kept inventories above the five-year average.
Storage levels were found to be 3% above normal for the week ending September 18, a decrease from the previous 3.7%. Weather forecasts for the coming days suggest mostly normal conditions through October 7. Additionally, average gas flows to the nine major US LNG export plants climbed to 18 billion cubic feet per day in September, up from 17.2 bcfd in August. This growth persisted despite the temporary shutdown of the 0.8-bcfd Cove Point LNG facility for planned 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.
