US Natgas Prices Hold Losses

US natural gas prices steadied around $3.0 per MMBtu on Wednesday, following three straight sessions of losses 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. In addition, Columbia Gas Transmission lifted force majeure on Sunday after resolving a mechanical problem, allowing production to increase in the coming days. Analysts estimate inventories were 2.4% above normal in the week through September 25, compared with 2.9% previously. Meanwhile, feedgas deliveries to nine major US export facilities averaged 17.9 bcfd in September, up from 17.2 bcfd in August. US natural gas prices are up around 3% in September, but remain almost 8% lower during Q3.