UPDATE 1 — US natgas futures slide on mild weather, lower demand view
US storage likely slipped to 1.5% above five-year average in week ended October 9, analysts estimate Feedgas to nine major LNG plants averaged 17.5 bcfd in October, below September US prices stayed muted despite Europe and Asia benchmarks near multi-year highs (Adds latest prices) By Scott DiSavino NEW YORK, Oct 14 (Reuters) — US natural gas futures slid about 3% on Wednesday on small increases in daily output and forecasts for mild weather that should limit demand next week. Front-month gas futures for November delivery on the New York Mercantile Exchange fell 8.5 cents, or 2.6%, to settle at $3.198 per million British thermal units. On Tuesday, the contract closed at its highest since September 24. Financial firm 3 bcfd in August and September to 110.8 bcfd so far in October. That drop in average output so far in October, which was smaller than the drop projected on Tuesday, was due to a combination of Gulf of Mexico shut-ins from Hurricane Isaias and force majeure incidents and problems on pipelines in Kentucky, Texas, West Virginia and elsewhere in recent weeks. Record output and mild spring we
5 bcfd in October, below September US prices stayed muted despite Europe and Asia benchmarks near multi-year highs (Adds latest prices) By Scott DiSavino NEW YORK, Oct 14 (Reuters) — US natural gas futures slid about 3% on Wednesday on small increases in daily output and forecasts for mild weather that should limit demand next week. 198 per million British thermal units. On Tuesday, the contract closed at its highest since September 24. 8 bcfd so far in October.
That drop in average output so far in October, which was smaller than the drop projected on Tuesday, was due to a combination of Gulf of Mexico shut-ins from Hurricane Isaias and force majeure incidents and problems on pipelines in Kentucky, Texas, West Virginia and elsewhere in recent weeks. 7% above normal in April. Energy firms had to pull lots of gas out of storage during the hot summer months to fuel power plants needed to keep air conditioners humming, cutting the inventory surplus. About 40% of US power generation comes from gas-fired plants.
0% 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 that weather across the country would remain mostly milder than normal through October 29, which should keep both heating and cooling demand low. 5 bcfd next week. The forecast for this week was higher than LSEG's outlook on Tuesday, while the forecast for next week was lower.
8 bcfd in April. Around the world, gas traded about $28 per mmBtu at the Dutch Title Transfer Facility benchmark in Europe, near 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) 7 9 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 122 115 116 128 151 Degree Days (HDD) US GFS Cooling 47 52 44 47 33 Degree Days (CDD) US GFS Total 169 167 160 175 184 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. 110. 110. 106.
106. 0 Total US Supply 118. 117. 118.
114. 115. 6 US Consumption Total US Demand 106. 104.
105. 104. 117. 6 0 3 6 2 7 PJM West 265.
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