US natural gas holds near 2-month highs above $2.90/MMBtu
US natural gas stayed above $2.90/MMBtu near two-month highs, with cooling demand and higher LNG feedgas supporting prices. Plentiful Lower 48 supply and storage near the five-year average capped upside.
90/MMBtu, near two-month highs, as traders weighed stronger cooling demand and higher LNG exports against ample domestic supply. Persistent heat across the continental US continued to lift air-conditioning demand and support gas use in the power sector. 2 bcfd in August, as facilities in Texas returned to full operations after maintenance. Export demand also firmed in Europe and Asia, where buyers are rebuilding inventories ahead of the winter heating season amid ongoing disruptions to LNG supplies from the Persian Gulf.
High domestic production and comfortable storage levels were still limiting further gains. 2% above the five-year seasonal average as of August 28, while output across the Lower 48 remained close to record levels.