FX.co ★ US Natgas Prices Rise for 3rd Session

U.S. natural gas futures surpassed $2.94 per MMBtu on Thursday, marking the third consecutive session of gains due to a decline in production. Average production in September has fallen to 107.4 billion cubic feet per day (bcfd), down from the record 108.3 bcfd recorded in August, with daily output set to reach a 10-week low of 106.3 bcfd. Previously, record supply facilitated robust storage increases, resulting in inventories being approximately 6% higher than the seasonal average. Analysts anticipate another significant injection this week, projecting a 76 billion cubic feet (bcf) increase for the week ending September 19, as mild weather reduced both heating and cooling demand. Looking forward, forecasts predict predominantly warmer-than-normal temperatures through early October. Regarding exports, LNG feedgas flows have averaged 15.7 bcfd in September, slightly below the August figure of 15.8 bcfd.