Commodities
US Natgas Prices Plummet Amid Rising Supply Prospects
US natural gas prices dropped to $2.87/MMBtu on Monday as traders weighed increased supply prospects.
Energy Transfer LP's Hugh Brinson Pipeline in Texas is set to begin service on September 1 and will transport about 2.2 Bcf/d of natural gas from the Permian Basin to East Texas, potentially boosting domestic gas supplies in Erath, Louisiana.
The US saw a record average output of 111.4 bcfd in August, up from 110.7 bcfd in July, but losses were capped by forecasts for warmer weather, with above-average temperatures expected across the eastern two-thirds of the US from September 2-11.