FX.co ★ US Natgas Prices Hold at Over 3-Week High

US natural gas prices hovered around $3.21/MMBtu, the highest level in more than three weeks, supported by colder weather forecasts, record LNG export flows, and easing production. Weather outlooks turned cooler across parts of the central and eastern US through November 20, boosting expectations for stronger heating demand in the coming weeks. At the same time, robust LNG export activity underpinned the market, with average gas flows to the nine major export terminals reaching a record 19.3 bcfd so far in November, surpassing October’s previous monthly high of 18.4 bcfd. On the supply side, Lower 48 output averaged 112.1 bcfd so far this month, down from 113.4 bcfd in October. Meanwhile, the latest storage data showed inventories remained comfortably within normal ranges, with analysts estimating stocks at 2.1% above the five-year average in the week ended November 6, compared with 1.4% above average the previous week.