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NATGAS: US Gas End of Day: Sell Off Faces Further Pressure

NATGAS
Energy BulletsBulletPower BulletsCommodities

US natural gas prices further extended Friday’s losses after the federal reports showed utilities added a smaller-than-normal amount of gas into storage last week and Hurricane Milton potentially dents demand.

  • US Natgas NOV 24 down -4% at 2.74$/mmbtu
  • U.S. natural gas storage is on track to end the April-October summer injection season at a four-year high of 3.899 tcf on Oct. 31, according to Reuters analysts' estimates.
  • US heating demand for the week ending Oct. 12 is forecast to be 24 heating degree days (HDD) below the long-term normal, according to Bloomberg, citing NOAA.
  • Hurricane Milton is expected to slam Florida from Wednesday and potentially knock power supplies, reducing demand.
  • Speculators boosted their net long futures and options positions on the New York Mercantile and Intercontinental Exchanges for a fifth week in a row to their highest since June.
  • US LNG export terminal feedgas supply is estimated at 12.22bcf/d today, BNEF shows, with Cove Point supply still halted amid maintenance.
  • Lower 48 natural gas demand remains above the previous five-year average estimated at 70.5bcf/d today, according to Bloomberg. Temperatures across the lower 48 are generally forecast to remain above normal although following the seasonal trend lower. The NOAA 6-14 day forecast shows above normal temperatures in central and western areas but closer to normal on the East Coast.
  • US domestic natural gas production is estimated at 101.3bcf/d on Oct. 6, according to Bloomberg, compared to an average of 101.4bcf/d over the previous week.
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US natural gas prices further extended Friday’s losses after the federal reports showed utilities added a smaller-than-normal amount of gas into storage last week and Hurricane Milton potentially dents demand.

  • US Natgas NOV 24 down -4% at 2.74$/mmbtu
  • U.S. natural gas storage is on track to end the April-October summer injection season at a four-year high of 3.899 tcf on Oct. 31, according to Reuters analysts' estimates.
  • US heating demand for the week ending Oct. 12 is forecast to be 24 heating degree days (HDD) below the long-term normal, according to Bloomberg, citing NOAA.
  • Hurricane Milton is expected to slam Florida from Wednesday and potentially knock power supplies, reducing demand.
  • Speculators boosted their net long futures and options positions on the New York Mercantile and Intercontinental Exchanges for a fifth week in a row to their highest since June.
  • US LNG export terminal feedgas supply is estimated at 12.22bcf/d today, BNEF shows, with Cove Point supply still halted amid maintenance.
  • Lower 48 natural gas demand remains above the previous five-year average estimated at 70.5bcf/d today, according to Bloomberg. Temperatures across the lower 48 are generally forecast to remain above normal although following the seasonal trend lower. The NOAA 6-14 day forecast shows above normal temperatures in central and western areas but closer to normal on the East Coast.
  • US domestic natural gas production is estimated at 101.3bcf/d on Oct. 6, according to Bloomberg, compared to an average of 101.4bcf/d over the previous week.