FX.co ★ US Natgas Prices Rise for 5th Day after Below-normal Storage Build

U.S. natural gas futures increased by 2% to $3.54 per MMBtu on Thursday, marking the fifth consecutive session of gains and reaching an 11-week high following a favorable EIA storage report. The data revealed that inventories rose by only 53 billion cubic feet for the week ending September 26, significantly lower than the forecasted 67 bcf and the five-year average increase of 85 bcf. Currently, total storage is at 3.561 trillion cubic feet, which is 0.6% above figures from the previous year and 5% over the five-year average. Additionally, output in the Lower 48 states decreased to 107.4 billion cubic feet per day in September, a decline from August's record of 108.3 bcfd. On the export side, U.S. LNG shipments reached a record 9.4 million metric tons in September, surpassing the previous high of 9.3 million metric tons in August, although early October feedgas flows have decreased due to reduced intake at Venture Global's Calcasieu plant in Louisiana. In the meantime, Hurricane Imelda is losing strength and is predicted to transition to an extratropical low, thereby minimizing supply risks.