US Natural Gas Futures Steady as LNG Exports Offset Rising Output
US natural gas futures remained steady this week as forecasts for increased demand next week and higher liquefied natural gas exports offset rising output and ample storage levels.
The front-month contract on the New York Mercantile Exchange rose by 1.1 cents, or 0.4%, to settle at $2.912 per million British thermal units, a gain of about 3% for the week after falling 5% last week.
Average gas output in the US Lower 48 states reached a new monthly record high of 113.2 billion cubic feet per day in September, up from August's 112.2 bcfd, according to LSEG data.
However, hotter-than-normal weather this summer has forced energy firms to withdraw large amounts of fuel from storage to meet power generation needs, cutting the inventory surplus to 3% above normal as of last week.