US Natgas Prices Stabilize
US natural gas prices steadied around $3.12/MMBtu on Tuesday after a two-day decline, as traders weighed the return of the Mountaineer XPress pipeline in West Virginia against improving LNG export demand and forecasts for continued hot weather. TC Energy lifted the force majeure on Sunday after repairs were completed on the pipeline, which would allow ...
On Tuesday, U.S. natural gas prices stabilized around $3.12/MMBtu, following a two-day decline. This stabilization came after the Mountaineer XPress pipeline in West Virginia resumed operations, thanks to repairs completed on Sunday. TC Energy lifted the force majeure notice on the pipeline, enabling more gas to flow from the Marcellus/Utica region.
The uptick in prices was also influenced by a rise in LNG feedgas demand, with export flows averaging 18 bcfd in September, compared to 17.3 bcfd in August. Hotter-than-normal weather has caused a reduction in the natural gas storage surplus, with analysts projecting inventories to be 2.4% above normal in the week ending September 25, up from 2.9% the previous week.
Moreover, Lower 48 output has stayed strong at 112.3 bcfd in September, matching the record monthly high set in August, according to Trading Economics.
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