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US natural gas futures climbed above $2.95 per MMBtu in September, the highest level in nearly two months, driven by strong domestic demand and tighter supplies abroad. Intense heat across the continental United States boosted power-intensive cooling needs early in the month, increasing gas consumption by power generators.
At the same time, demand for US LNG surged in Europe and Asia. The worsening conflict in the Middle East prolonged supply disruptions from the region, prompting major economies to accelerate inventory builds ahead of winter. European gas storage sites were only 65% full— the lowest fill level for this point in the year in 15 years—while competition for cargoes intensified in Asia, with Japan and South Korea vying for additional LNG shipments.
In parallel, average gas flows to the nine major US LNG export terminals rose to 18.3 bcfd in early September, up from 17.2 bcfd in August. The increase reflected a return to full operations at Cheniere Energy’s Corpus Christi facility and at Freeport LNG in Texas following scheduled maintenance.
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