US Natgas Prices Decline
US natural gas prices fell below $3.0 per MMBtu on the first day of October, the lowest level in a week, amid the prospect of limited heating and cooling demand. Forecasts indicated that average weather across the country will remain mostly near normal through October 15, reducing the potential for a significant increase in gas-fired ...
On the opening day of October, US natural gas prices plunged below $3.0 per MMBtu, marking the lowest level in a week. This decline occurred as forecasts suggested that average weather across the nation would remain largely average through October 15, limiting the potential for a significant surge in gas-fired power consumption. Columbia Gas Transmission lifted a force majeure notice on Sunday following a resolution of a mechanical issue, which enabled production to rise in the days ahead.
Traders are now holding their breath, anticipating the weekly storage report to be released later today. Industry analysts expect the inventories to have decreased to 2.4% above normal in the week that ended September 25, up from 2.9% in the previous week. Additionally, feedgas deliveries to nine major US export facilities averaged 17.9 bcfd in September, an increase from 17.2 bcfd in August.
Despite a 3.1% rise in US natural gas prices in September, prices have slipped by 7.6% over the course of the third quarter.
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