US natural gas prices fall to around $2.73/MMBtu
US natural gas prices fall to around $2.73 per million British thermal units on Monday, giving back part of last week’s 1.5% gain as cooler weather arrives in the eastern US.
US natural gas prices fell to around $2.73 per million British thermal units on Monday, giving back some of last week’s 1.5% gain as cooler weather moved into the eastern United States.
A broad cold front is expected to bring more autumn-like conditions across the Northeast, Mid-Atlantic and Ohio Valley, while parts of the South should also see relief from the recent heat.
The cooler outlook is likely to reduce demand for gas-fired power generation, weighing on prices.
Also, strong production and relatively mild weather earlier this year have also kept inventories above the five-year average since March.
Average output in the Lower 48 states has reached 111.5 billion cubic feet per day so far in August, surpassing July’s record of 110.7 bcfd.
Meanwhile, average gas flows to the nine major US LNG export facilities remained around 17.2 bcfd in August, below June’s record level.