US Natural Gas Rises to 7-Month High
US natural gas futures rose past $4.1 per MMBtu, the highest in seven months, as higher heating demand in the near term met the outlook of ample LNG exports to Europe and Asia. Expectations of colder weather in the US ahead of the winter supported demand for gas-intensive heating. Meanwhile, the average flow of gas to the eight big US LNG export plants were at 16.5 billion cubic feet per day in October, well above the 15.7 bcfd from the previous month to set up a fresh record ahead of the turn of the month. High LNG flows were aligned with added demand from Europe as the gradual shun of Russian gas coincided with lower stocks in gas trading hubs, while the US Presidential administration pressed for pledges of US energy imports for Asian countries negotiating trade deals. Still, domestic production remained elevated at 107 bcfd so far in October. Likewise, national storages at the Lower 48 states rose by 74 bcf on the week ending October 27th, above the consensus of a 71 bcf build.
