US Natural Gas Rebounds
US natural gas futures rebounded to $3.9 per MMBtu, not too far from the over three-month high of $4 from October 27th as the outlook of ample LNG exports to Europe and Asia pushed back against the high levels of domestic production and storage. Fresh data showed that 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.
