FX.co ★ US Natgas Prices Rise to 1-Week High

U.S. natural gas futures have risen to $3 per MMBtu, marking their highest point in a week, due to a decline in production. Production in the Lower 48 states averaged 107.4 billion cubic feet per day (bcfd) in September, a decrease from the record 108.3 bcfd in August. A preliminary three-month low of 105.1 bcfd is anticipated on Tuesday due to ongoing pipeline maintenance and production declines in Texas, West Virginia, and Pennsylvania. Despite this increase, further gains are curtailed by forecasted modest demand, substantial storage levels, and stagnant liquefied natural gas (LNG) exports. Gas inventories are around 6% above the average for this time of year, with additional injections anticipated. LNG feedgas flows decreased to 15.6 bcfd in September from 15.8 bcfd in August, and Berkshire Hathaway's Cove Point facility is preparing for a month-long maintenance shutdown.