US natural gas falls below $2.90/MMBtu on supply overhang
US natural gas prices fell below $2.90/MMBtu. Inventories were 5.2% above the five-year seasonal average as of August 28, and Lower 48 output rose to 112.9 bcfd in September.
90/MMBtu, retreating from eight-week highs, as abundant domestic supplies and solid production weighed on the market. 2 bcfd, reinforcing the supply overhang. These supply-side factors offset support from stronger demand. Forecasts for above-average temperatures across the US South through September 17 are expected to keep air-conditioning demand elevated, supporting natural gas consumption in the power sector.
2 bcfd in August. Demand for US LNG from Europe and Asia has also risen sharply as buyers seek to replace disrupted Middle Eastern supplies and replenish inventories ahead of the winter heating season.