- 18 Oct '22 at 2:03 pm #45856TradersComKeymaster
November natural gas fell 4.2% to $5.745 after dropping 7% Monday
Lowest since early July
Demand forecast for next week, including exports downgraded on WX, is expected to fall to 94.9 bcfd next week, from 100.3 bcfd this week.
Prices have been falling in the past 8 weeks, amid record domestic production levels and reduced liquefied natural gas (LNG) exports that have allowed utilities to inject much bigger than normal amounts of gas into storage over the past month.
The average amount of gas flowing to US LNG export plants fell to 11.0 bcfd so far in October from 11.5 bcfd in September, and below a monthly record of 12.9 bcfd in March.
Meanwhile, average gas output in the US Lower 48 states rose to 99.6 bcfd so far in October from a record 99.4 bcfd in September. The EIA report showed that US utilities added 125 bcf of gas to storage last week, the 4th consecutive week of increases above 100 bcf.
21 Oct '22 at 2:31 pm #45741TradersComKeymaster
- This reply was modified 1 month, 2 weeks ago by TradersCom.
We have seen natural gas prices collapse as expected with the demand for natural gas down during the “shoulder month” around the start of October and
[See the full post at: Into The Vortex – Natural Gas Outlook with Futures Prices Down Over 50% From Highs]
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