Bearish
US natural gas prices dip to $2.73 amid cooler eastern weather and strong production
Over the past 24 hours, US natural gas prices have declined to approximately $2.73 per million British thermal units (MMBtu). This downturn is attributed to a cold front bringing cooler temperatures to the eastern United States, reducing demand for gas-fired power generation. Additionally, robust production levels have contributed to the price decrease.
Key points
- A broad cold front is expected to bring more autumn-like conditions across the Northeast, Mid-Atlantic, and Ohio Valley, reducing demand for gas-fired power generation.
- Average output in the Lower 48 states has reached 111.5 billion cubic feet per day so far in August, surpassing July’s record of 110.7 bcfd.
- Gas flows from Spain to Morocco have fallen nearly a third since last week, though the reasons remain unclear.
- Excelerate Energy's floating storage and regasification unit (FSRU) at Maheshkhali in Cox’s Bazar resumed operations, supplying around 100 million cubic feet per day to the national grid.
Sources
AI-generated from public news sources. Not financial advice.
