Natgas Prices Stabilize Amid Near-Normal US Temperatures
US natural gas prices have stabilized after three consecutive days of losses. According to TradingView, the price per million British thermal units (MMBtu) has settled around $3.0 on Wednesday. This comes as forecasts suggest that temperatures in the eastern US will remain mostly near-normal over the next two weeks.
The National Oceanic and Atmospheric Administration's (NOAA) latest outlook indicates a reduction in expectations for significant gas-fired power consumption due to mild temperatures.
Columbia Gas Transmission lifted its force majeure on Sunday after resolving a mechanical problem, allowing production to increase in the coming days. Analysts estimate that natural gas inventories were 2.4% above normal as of September 25, down from 2.9% previously.