US natural gas prices rise above $3.20/MMBtu
Updated
Summary
US natural gas prices climbed above $3.20 per million British thermal units on Tuesday, their highest level since September 24, when they reached $3.37; the report attributed the rise to lower production.
Why it matters
Average Lower 48 output was 110.6 billion cubic feet per day so far in October, down from record levels of 113.3 bcfd in August and September.
Daily output was expected to fall to around 107.1 bcfd on Tuesday, an eight-month low, while offshore Gulf of Mexico production was gradually recovering.
What remains uncertain
Forecasts for milder weather and weaker demand over the next two weeks could limit further price gains.