FX.co ★ US Natgas Prices Fall after EIA Report

On October 7, U.S. natural gas futures declined to approximately $3.3 per MMBtu, pulling back from an 11-week peak following a more substantial storage increase than anticipated. The U.S. Energy Information Administration documented an injection of 80 billion cubic feet (bcf) into storage for the week ending October 3, surpassing the forecast of 77 bcf and slightly exceeding last year's 78 bcf but still below the five-year average of 94 bcf. In the Lower 48 states, production decreased to 106.3 billion cubic feet per day (bcfd) in October, down from 107.4 bcfd in September. Nonetheless, the record production levels earlier this year enabled companies to inject excess gas, resulting in storage levels about 5% above the typical figures for this time of year. Exports of liquefied natural gas (LNG) averaged 16.1 bcfd in October, an increase from 15.7 bcfd in September. Looking ahead, meteorologists are predicting predominantly near-normal weather conditions through October 24.