US natural gas prices rise above $2.71/MMBtu on heat, LNG flows
US natural gas prices climb above $2.71/MMBtu as forecasts call for prolonged, intense heat, while Lower 48 output hits 111.6 bcfd in August and LNG export flows average 17.2 bcfd, unchanged from July.
71/MMBtu as forecasts pointed to prolonged and intense heat across the southern and western parts of the country. Particularly high temperatures in Texas are driving greater air-conditioning use, increasing electricity demand and placing additional pressure on gas-fired power plants and the regional grid. Houston temperatures are expected to average around 100°F between August 20 and 23, while peak demand on the Texas power grid could reach a new record as wind generation declines. However, the price gains were limited by exceptionally strong domestic production.
7 bcfd. Strong production and relatively mild weather earlier this year have also kept inventories above the five-year average since March. 2 bcfd in August, unchanged from July.