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15.10.202603:58:39UTC+00US Natgas Prices Rise Ahead of Storage Report

US natural gas futures climbed to about $3.25 per million British thermal units on Thursday, returning to levels near a three-week high as traders focused on the upcoming EIA weekly storage report due later in the day. Analysts expect the storage surplus to narrow, with inventories projected to stand 1.6% above seasonal norms for the week ended October 9, down from 2% the previous week.

On the supply side, gas output in the Lower 48 states has averaged 110.8 bcfd so far in October, below the record 113.3 bcfd seen in both August and September. The pullback largely reflects hurricane-related shut-ins in the Gulf of Mexico, force majeure declarations, and pipeline disruptions across several states.

Upside momentum has been capped by forecasts calling for mostly milder-than-normal weather nationwide through October 29, which is expected to dampen both heating and cooling demand. In addition, average feedgas deliveries to the nine major US LNG export facilities have eased to 17.5 bcfd so far this month, down from 17.9 bcfd in September.

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