Commodities
Natural Gas Futures Plummet on Mild Weather Forecasts and Restored Pipeline Flows
Natural gas futures stumbled in their first day of trading as the prompt month on Tuesday, weighed down by forecasts of mild early October weather and restored Appalachian pipeline flows.
The November natural gas futures contract opened at $6.35 per million British thermal units (MMBtu) and closed at $6.22/MMBtu, according to Natural Gas Intelligence data.
Output from US natural gas producers remains steady, hovering near 106.6 billion cubic feet per day (Bcf/d), while Iran's war has kept demand for liquefied natural gas (LNG) elevated.
The Golden Pass feedgas facility in Texas is holding near 600 million cubic feet per day (MMcf/d).