US Natgas Prices Fall Toward 2-Week Low
US natural gas futures fell below $3/MMBtu, nearing a two-week low due to weak LNG export demand and robust storage. Government data showed a larger-than-expected 71 bcf storage build for the week ending September 5, compared with 36 bcf a year earlier and a five-year average of 56 bcf. Despite forecasts for warmer weather and stronger demand, abundant inventories continue to pressure the market. In addition, gas flows to LNG export facilities averaged 15.6 bcfd so far in September, down from 15.8 bcfd in August. At the same time, output from the Lower 48 slipped to 107.3 bcfd in early September, slightly below the record 108.3 bcfd in August.