US Natgas Prices Rise Ahead of Storage Report
US natural gas futures rose to around $3.25 per million British thermal units on Thursday, moving back near a three-week high as market attention turned to the EIA’s weekly storage report due later in the day. Analysts expect the storage surplus to narrow to 1.6% above seasonal norms in the week ended October 9, from ...
US natural gas prices surged to near a three-week high on Thursday, as investors focused on the upcoming weekly storage report from the Energy Information Administration (EIA). Market analysts anticipate that the storage surplus will narrow marginally to 1.6% above seasonal norms in the week ending October 9, up from 2% the previous week.
On the production front, gas output in the Lower 48 states averaged 110.8 billion cubic feet per day (bcfd) through October, slightly below the record highs of 113.3 bcfd in August and September. This decline can be attributed to hurricane-related shutdowns in the Gulf of Mexico, force majeure events, and pipeline disruptions in various states.
However, gains were tempered by forecasts predicting mostly milder-than-normal weather across the country through October 29, which is likely to dampen both heating and cooling demand. Moreover, average feedgas deliveries to the nine major US liquefied natural gas (LNG) export terminals decreased to 17.5 bcfd this month, down from 17.9 bcfd in September.
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.
