US natural gas prices declined to $2.85 per MMBtu, the lowest level in nearly two weeks, as expectations of persistently warm weather signaled weaker heating demand and a slowdown in LNG export activity added further pressure. Forecasts point to above-average temperatures across most of the country through November 18, likely curbing gas consumption.
Milder conditions and softer demand have enabled energy companies to inject more gas into storage than usual. Analysts now expect inventories for the week ended October 30 to stand about 1.4% above the seasonal norm, up from 1.0% above normal a week earlier.
At the same time, average gas flows to the nine major US LNG export terminals have eased to 17.7 bcfd so far in November, down from 18.4 bcfd in October. On the supply side, US producers have scaled back output in response to persistently low prices.
