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2025-09-15 21:45:35
[Market "Ice and Fire": Hidden Concerns Amidst the Divergence Between Natural Gas Supply and Demand] ⑴ US natural gas futures prices were essentially flat on Monday, closing at $2.942 per million British thermal units (MMBtu), supporting market expectations of stable demand over the next two weeks. ⑵ In stark contrast, spot natural gas prices at the Wahah hub in West Texas turned negative due to supply constraints caused by pipeline maintenance and other factors. ⑶ Institutional data shows that average natural gas production in the Lower 48 states fell to 107.6 billion cubic feet per day (Bcf/d) in September, down from the monthly all-time high of 108.3 Bcf/d in August. ⑷ Despite the production decline, record production earlier this year has left natural gas inventories exceptionally high, with reserves currently approximately 5.8% above the five-year average. ⑸ On the demand side, weather forecasts indicate that much of the United States will experience warmer-than-average temperatures, which will stimulate air conditioning use and, in turn, increase demand for gas-fired power generation. (6) The agency predicts that total U.S. natural gas demand will increase slightly from 102.5 billion cubic feet per day to 103.1 billion cubic feet per day in the coming week. (7) In addition, agency data shows that the average flow of natural gas to eight major U.S. liquefied natural gas export facilities fell to 15.6 billion cubic feet per day in September, down from 15.8 billion cubic feet per day in August and lower than the monthly record of 16.0 billion cubic feet per day set in April.
