US Natgas Prices Fall for 3rd Session

US natural gas prices slipped more than 2% to around $3.04 per MMBtu on Tuesday, marking a third consecutive decline as forecasts pointed to limited heating and cooling demand. The NOAA’s latest outlook calls for mostly near-normal temperatures across the eastern US over the next two weeks, reducing expectations for a significant increase in gas-fired power consumption. Meanwhile, TC Energy lifted force majeure on Sunday after completing pipeline repairs, which should allow additional gas from the Marcellus and Utica shale regions to reach the market. Feedgas deliveries to nine major US export facilities averaged 18 bcfd in September, up from 17.3 bcfd in August. Production has averaged 112.3 bcfd this month, although daily output has recently eased. Analysts estimate inventories were 2.4% above normal in the week through September 25, compared with 2.9% previously.