US Natgas Prices Fall after EIA Data

US Natgas Prices Fall after EIA Data

U.S. natural gas futures fell by over 3%, dipping below $2.99 per MMBtu, following a report from the EIA indicating a larger-than-anticipated increase in storage levels. Companies added 90 billion cubic feet (bcf) of gas to storage during the week ending September 12, exceeding the projected 81 bcf. This figure also compares with 56 bcf from the same period last year and a five-year average addition of 74 bcf. The lower demand for both heating and cooling due to mild weather conditions facilitated these higher storage injections. Furthermore, LNG exports have decreased slightly, with average flows to the eight main U.S. export facilities at 15.7 bcf per day in September, down from 15.8 bcf per day in August. Meanwhile, on the supply front, production in the Lower 48 states averaged 107.4 bcf per day in September, a decrease from the record 108.3 bcf per day noted in August.

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