US natural gas falls more than 3% toward $2.64
US natural gas prices drop more than 3% to around $2.64 per million British thermal units, nearing mid-April lows as production stays robust and inventories remain comfortable.
64 per million British thermal units on Monday, approaching the lowest levels seen in mid-April, weighed down by robust production and comfortable inventory levels. An EIA report last week showed energy firms injected 36 bcf of gas into storage in the week ended August 7, larger than market expectations of a 31 bcf build and the five-year average increase of 33 bcf. 7 bcfd in July, keeping inventories above their five-year average since March. 2 bcfd in July, reducing the volume of gas processed for export and leaving more supply available to the domestic market.
These factors offset support from weather-driven demand, with forecasts calling for hotter-than-normal weather through the end of August.