US natgas futures hit one-week high on demand forecasts, pipeline outage

6 bcfd By Scott DiSavino NEW YORK, Oct 5 (Reuters) — US natural gas futures edged up to a one-week high on Monday on forecasts for more demand over the next two weeks than previously expected and a decline in daily output due in part to a pipeline problem in Kentucky. Energy traders also noted that prices were supported by an increase in flows to liquefied natural gas export plants with the expected return of a liquefaction train at Freeport LNG's facility in Texas. 066 per million British thermal units (mmBtu), their highest close since September 25 for a second day in a row.

In a sign the market is not too worried about gas supplies this winter, the premium of futures for December over November fell to a record low of around 29 cents per mmBtu. 3 in both August and September. 3 bcfd on Monday due in part to problems with a pipeline in Kentucky. On Friday, Canadian energy company Enbridge's Texas Eastern Transmission (TETCo) unit declared a force majeure due to an unplanned outage north of the Tompkinsville compressor station in Kentucky.

TETCo said the estimated time of restoration was unclear. 7% above normal in April. A hot summer, however, forced energy firms to pull lots of gas out of storage to fuel the power plants needed to keep air conditioners humming, cutting the inventory surplus. About 40% of US power generation comes from gas-fired plants.

4% above normal in the previous week, according to analyst estimates ahead of Thursday's weekly federal inventory report. EIA/GAS NGAS/POLL Looking forward, meteorologists predicted weather across the country would remain mostly near normal through October 20, which should keep both heating and cooling demand low. 2 bcfd this week and next. Those forecasts were higher than LSEG's outlook on Friday.

8 bcfd in April. 6 bcfd on Monday with the amount of gas flowing to Freeport LNG in Texas expected to rise. net/)