US natural gas prices climbed to $3.06 per MMBtu on Wednesday, supported by stronger LNG export activity. Feedgas deliveries to the nine major LNG export facilities averaged around 19.2 bcfd over the past two weeks, with flows so far this month at 18.3 bcfd, up from 17.9 bcfd in September. Prices also drew support from rising US LNG demand from European and Asian buyers, as both regions move aggressively to secure supplies ahead of the winter heating season.
Upside momentum was tempered, however, by forecasts for above-normal temperatures across the eastern two-thirds of the United States, which could curb heating demand in the coming weeks. On the supply side, Lower 48 output has averaged 112.0 bcfd so far in October, down from the record 113.3 bcfd seen in both August and September, although production has recently rebounded to around 113.5 bcfd over the past week.
