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NATGAS: US Natgas End of Day: Choppy Session for Gas

NATGAS
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US nat gas prices have faced a choppy trading session on Wednesday but are back to near flat for the day after two positive rallies earlier in the session.

  • US Natgas NOV 24 up 0.1% at 2.9$/mmbtu
  • Natgas futures found support on a decline in on a decline in output in recent days and forecast for more demand this week than previously expected.
  • A factor that has weighed on gas prices in recent days was the reduction in the amount that gas power generators need to burn after Hurrciane Helene resulted in widespread power outages in the Southeast and Mideast.
  • LSEG forecast average gas demand in the Lower 48, including exports, will hold around 95.4 bcfd this week and next.
  • output in the Lower 48 U.S. states has fallen to an average of 100.5 billion cubic feet per day (bcfd) so far in October, down from 101.8 bcfd in September LSEG said.
  • Low LNG exports are limiting natgas gains.  Feedgas flow to US LNG export terminals are today estimated unchanged on the day at 11.76bcf/d, Bloomberg shows. Supply is below the previous week average of 12.1bcf/d due to a drop in Sabine Pass LNG supply by about 0.6bcf/d below normal.
  • The volume of shares traded in the U.S. Natural Gas Fund (UNG) UNG jumped to 13.9 million contracts on Oct. 1, the most since March 2022
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US nat gas prices have faced a choppy trading session on Wednesday but are back to near flat for the day after two positive rallies earlier in the session.

  • US Natgas NOV 24 up 0.1% at 2.9$/mmbtu
  • Natgas futures found support on a decline in on a decline in output in recent days and forecast for more demand this week than previously expected.
  • A factor that has weighed on gas prices in recent days was the reduction in the amount that gas power generators need to burn after Hurrciane Helene resulted in widespread power outages in the Southeast and Mideast.
  • LSEG forecast average gas demand in the Lower 48, including exports, will hold around 95.4 bcfd this week and next.
  • output in the Lower 48 U.S. states has fallen to an average of 100.5 billion cubic feet per day (bcfd) so far in October, down from 101.8 bcfd in September LSEG said.
  • Low LNG exports are limiting natgas gains.  Feedgas flow to US LNG export terminals are today estimated unchanged on the day at 11.76bcf/d, Bloomberg shows. Supply is below the previous week average of 12.1bcf/d due to a drop in Sabine Pass LNG supply by about 0.6bcf/d below normal.
  • The volume of shares traded in the U.S. Natural Gas Fund (UNG) UNG jumped to 13.9 million contracts on Oct. 1, the most since March 2022