EIA: Natural Gas Prices to Remain Below $3.00 Until November

Natural gas prices dipped to $2.78 per MMBtu on August 13, down 0.86% from the previous session, after the Energy Information Administration reported a larger-than-expected storage injection for the week ending August 7.

The EIA reported a 36 Bcf injection for the week, exceeding market expectations of 31 Bcf and surpassing the five-year average increase of 33 Bcf. Working gas reached 3,153 Bcf, a surplus of approximately 6.7% above the five-year average of 2,955 Bcf.

The recent trend has seen consecutive weekly beats, with the prior report covering the week ending July 31 delivering 33 Bcf against a 31 Bcf consensus. Lower 48 production hit a record 111.2 Bcf/d in August, up from 110.7 Bcf/d in July.