US Natgas Prices Rise to Over 3-Week High

US natural gas prices rose more than 4% to $3.13/MMBtu on Monday, reaching their highest level since October 15, as forecasts of a sharp cold spell pointed to stronger heating demand. More than 160 million Americans could face below-average temperatures by November 14, a significant reversal from the unusually warm conditions expected earlier in the week, particularly across the Northeast, Great Lakes and Ohio Valley. Supply-side factors also supported prices, with the latest EIA report showing a smaller-than-expected storage build of 77 Bcf for the week ended October 30. Inventories reached 3.801 trillion cubic feet, remaining 2.8% below year-earlier levels but 1.4% above the five-year average. Meanwhile, Lower 48 production averaged 111.2 Bcf per day in November, down from October’s 113.4 Bcf. LNG export flows also eased slightly, although international demand for US shipments remains strong amid ongoing geopolitical disruptions to global energy supplies.