US natural gas rises to $2.92 as heat limits storage injections

  • US natural gas prices rose after EIA data showed reduced weekly storage injections.
  • Energy firms added 44 bcf during the week ended September 11.
  • Inventories were 3.6% below last year but 3.7% above the five-year average.

US natural gas prices rose to $2.92 per million British thermal units after EIA data showed that high temperatures and strong air-conditioning demand reduced storage injections. Energy firms added 44 billion cubic feet during the week ended September 11, compared with 87 bcf a year earlier and a five-year average of 74 bcf. Total inventories reached 3.298 trillion cubic feet, about 3.6% below last year’s level but 3.7% above the five-year average. Forecasts showed warmer-than-normal conditions could continue through October 2, supporting demand from power generators. Average flows to the nine major US LNG (liquefied natural gas) export facilities were expected to decline to a three-week low of 17.5 bcfd, mainly because of maintenance at Cameron LNG in Louisiana. Lower 48 production averaged 113.1 bcfd in September, exceeding August’s record monthly average of 112.2 bcfd.

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