Commodities
US Natgas Prices Slip from Four-Week High Amid Ample Supply
US natural gas prices have retreated from a near four-week high of $2.72 per million British thermal units, as traders weigh expectations for continued hot weather against ample supply.
The latest data from the Energy Information Administration (EIA) shows that US utilities added just 16 billion cubic feet of gas to storage last week, below both the 19 bcf increase recorded during the same period last year and the five-year average of 29 bcf.
Despite this smaller-than-usual injection, inventories remain above the seasonal norm, supported by record production and relatively mild weather earlier in the year.
Gas output has remained strong enough to keep storage levels comfortable despite sustained summer heat.