US Natural Gas Prices Hold Gains
US natural gas prices hovered around $3.02 per MMBtu on Monday, holding their recent gains amid expectations of cooler weather later this month that could lift heating demand. Forecasts turned cooler across the northern and western US for October 12-15, potentially increasing gas consumption. Robust LNG demand also continued to support the market, with feedgas ...
US natural gas prices have remained stable around $3.02 per MMBtu, maintaining their recent upward trend. This resilience is attributed to expectations of cooler weather in the coming weeks, which could fuel heating demand. Forecasts predict cooler temperatures across the northern and western United States from October 12-15, potentially boosting gas consumption.
The market has also been buoyed by robust liquefied natural gas (LNG) demand. The average feedgas flows to the nine major US export plants in September reached 17.9 bcfd, an increase from 17.2 bcfd in August. Simultaneously, demand for US LNG from European and Asian buyers has been on the rise as they aim to replenish storage supplies for winter.
The energy information administration (EIA) reported a 64 bcf storage build for the week ending September 25, which, while below the five-year average increase of 80 bcf, suggests that the inventory surplus is gradually diminishing. However, this progress is somewhat offset by solid production levels in the Lower 48, which averaged a record 113.3 bcfd in September, matching the monthly record high set in August.
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