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U.S. natural gas futures fell about 1% on Monday on rising supplies and forecasts for cooler weather and lower air conditioning demand over the next two weeks than previously expected. Also weighing on gas prices was a 5% drop in oil futures earlier in the day and the ongoing outage at the Freeport liquefied natural gas (LNG) export plant in Texas, which has left more gas in the United States for utilities to inject into stockpiles for next winter. Freeport LNG, the second-biggest U.S. LNG export plant, was consuming about 2 billion cubic feet per day (bcfd) of gas before it was shut on June 8. Freeport expects the plant to return to at least partial service in early October. Front-month gas futures fell 4.0 cents, or 0.5%, to settle at $8.728 per million British thermal units (mmBtu). So far this year, the gas front-month was up about 134% as higher prices in Europe and Asia keep demand for U.S. LNG exports strong. Global gas prices have soared this year following supply disruptions linked to Russia’s invasion of Ukraine on Feb. 24. Gas was trading around $68 per mmBtu in Europe, a five-month high, and $45 in Asia. The […]
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