US Weekly Natural Gas Prices Edge Lower as Storage Build Outweighs Heat-Driven Demand
US natural gas markets ended the week lower amid higher-than-expected gas injections into storage during the reporting period, despite extreme heat forecasts. In the futures market, the Nymex front-month August contract edged lower to $3.25 per million British thermal unit, from $3.26/MMBtu on June 26. Natural gas spot prices rose by $0.11/MMBtu to $3.33/MMBtu during the week ended July 1, from $3.22/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday. Prices were mixed across major regional hubs, from a decrease of $1.96/MMBtu at SoCal Border-Ehrenberg to an increase of $2.32/MMBtu at the Algonquin Citygate, which serves the Boston area. The Northeast regions saw prices surge as the heat dome raised temperatures, leading to pipeline capacity constraints. US LNG feedgas flows remained elevated throughout the past week, consistently above 19 billion cubic feet per day, compared to the 30-day moving average of 18.50 Bcf, according to the Bloomberg LNG Feedgas Model, as major export facilities came back online after being shut for Spring maintenance. The net injection into storage for the week ended.
US natural gas markets ended the week lower amid higher-than-expected gas injections into storage during the reporting period, despite extreme heat forecasts.
In the futures market, the Nymex front-month August contract edged lower to $3.25 per million British thermal unit, from $3.26/MMBtu on June 26.
Natural gas spot prices rose by $0.11/MMBtu to $3.33/MMBtu during the week ended July 1, from $3.22/MMBtu the prior week, according to the US Energy Information Administration's Weekly Gas Storage Supplement, released Thursday.
Prices were mixed across major regional hubs, from a decrease of $1.96/MMBtu at SoCal Border-Ehrenberg to an increase of $2.32/MMBtu at the Algonquin Citygate, which serves the Boston area.
The Northeast regions saw prices surge as the heat dome raised temperatures, leading to pipeline capacity constraints.
US LNG feedgas flows remained elevated throughout the past week, consistently above 19 billion cubic feet per day, compared to the 30-day moving average of 18.50 Bcf, according to the Bloomberg LNG Feedgas Model, as major export facilities came back online after being shut for Spring maintenance.
The net injection into storage for the week ended.