US natgas prices gain on lower output and higher demand outlook

Daily Lower 48 output tracks five-month low of 108.8 bcfd after West Virginia pipeline force majeure Analysts forecast 76 bcf storage build for week ended October 9 Storage surplus likely narrowed to 1.5% above five-year norm from 2.0% a week earlier By Scott DiSavino NEW YORK, Oct 15 (Reuters) — US natural gas futures edged up on Thursday on a drop in daily output to a five-month low and forecasts for higher demand over the next two weeks than previously expected. Front-month gas futures for November delivery on the New York Mercantile Exchange rose 4.0 cents, or 1%, to $3.238 per million British thermal units. That price increase also came as the market waited for a federal storage report expected to show energy firms added less gas to storage last week than usual for this time of year. Analysts forecast energy firms added 76 billion cubic feet (bcf) of gas to storage during the week ended October 9. They predicted that injection was smaller than usual due to a drop in daily output last week. That compares with an increase of 80 bcf during the same week last year and a five-year (2021-2025) average increase of 90 bcf for the period. EIA/GAS NGAS/POLL Supply And Demand Financial f