US Gas Futures Climb Amid Lower Output and Oil Price Surge
US natural gas futures rose by about 2% on Monday following lower output and higher liquefied natural gas exports. This increase was also influenced by a 4% jump in oil prices due to concerns over Saudi Arabian energy infrastructure and Middle Eastern supply.
The Front-month gas futures for October delivery on the New York Mercantile Exchange increased by 5.2 cents, or 1.8%, to $2.883 per million British thermal units. Oil prices surged over 4% as a result of new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East.
LSEG reported that average gas output in the US Lower 48 states rose to 113.4 billion cubic feet per day (bcfd) so far in September, up from August's monthly record high of 112.2 bcfd. However, daily output was on track to decline to a two-week low of 112.8 bcfd.