UPDATE 1 — US natgas prices climb with daily output on track to drop to 8 — month low
(Adds latest prices) Daily output tracks around 107.1 bcfd on Tuesday, an eight-month low, 4 bcfd of Gulf output remained shut-in Tuesday after Hurricane Isaias Milder two-week outlook trimmed LSEG's demand forecasts from Monday By Scott DiSavino NEW YORK, Oct 13 (Reuters) — US natural gas futures climbed about 4% to a two-week high, with daily output on track to drop to an eight-month low. Front-month gas futures for November delivery on the New York Mercantile Exchange rose 11.6 cents, or 3.7%, to settle at $3.283 per million British thermal units, their highest close since September 24. Financial firm 3 bcfd in August and September to 110.6 bcfd so far in October. That drop in average output so far in October was due to a combination of Hurricane Isaias production shut-ins and force majeure incidents and problems on pipelines in Kentucky, Texas, West Virginia and elsewhere over the past month or so. On a daily basis, 1 bcfd on Tuesday, even as production slowly returns in the Gulf of Mexico after Isaias.
1 bcfd on Tuesday, an eight-month low, 4 bcfd of Gulf output remained shut-in Tuesday after Hurricane Isaias Milder two-week outlook trimmed LSEG's demand forecasts from Monday By Scott DiSavino NEW YORK, Oct 13 (Reuters) — US natural gas futures climbed about 4% to a two-week high, with daily output on track to drop to an eight-month low. 283 per million British thermal units, their highest close since September 24. 6 bcfd so far in October.
That drop in average output so far in October was due to a combination of Hurricane Isaias production shut-ins and force majeure incidents and problems on pipelines in Kentucky, Texas, West Virginia and elsewhere over the past month or so. On a daily basis, 1 bcfd on Tuesday, even as production slowly returns in the Gulf of Mexico after Isaias. 3 bcfd shut-in on October 9 when Isaias crashed into the Florida Panhandle. 1 bcfd next week.
Those forecasts were lower than LSEG's outlook on Monday. 8 bcfd in April. Around the world, gas traded at $28 per mmBtu at the Dutch Title Transfer Facility benchmark in Europe, a 45-month high, and $26 at the Japan-Korea Marker benchmark in Asia. NG/EU Global gas prices have spiked in recent years primarily due to supply disruptions linked to Russia's invasion of Ukraine in 2022 and the US-Israeli war with Iran this year.
Prices in the US, however, have not reacted much to the war in Iran because the US produces all the gas it consumes domestically and US LNG companies are already liquefying as much fuel as they can. No matter how high global gas prices go, the US cannot export much more LNG until units under construction enter service in coming months and years.
1 Marker (JKM) 9 8 1 4 2 LSEG US Global Forecast System (GFS) Heating, Cooling and Total Degree Days Total Two-Week Curr Prio Prio 10-Y 30-Y Forecast ent r r ear ear Day Day Year Norm Norm US GFS Heating 115 114 116 128 147 Degree Days (HDD) US GFS Cooling 52 57 44 47 34 Degree Days (CDD) US GFS Total 167 171 160 175 181 Degree Days (TDD) LSEG US Weekly GFS Supply and Demand Forecasts, and US Energy Information Administration (EIA) Monthly and Annual Pipeline Imports and Exports Prio Curr Next This Prio r ent Week Mont r Week Week h Year Last Aver Year age 2025 US Supply (bcfd) US Lower 48 Dry 111. 109. 110. 106.
106. 0 Total US Supply 118. 116. 117.
114. 115. 6 US Consumption Total US Demand 106. 103.
106. 104. 117. 6 3 0 6 2 7 PJM West 160.
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