28.11.202514:42:58UTC+00US Natgas Prices Pick Up Toward 3-Year High

U.S. natural gas futures have surged past $4.7 per MMBtu, approaching their highest point since December 2022, driven by a shift towards colder weather in significant consumption areas. Wintry conditions have already taken hold in some parts of the Midwest and East. Forecasts predict below-average temperatures for the Northeast and Great Lakes in the coming weeks. The European Centre model also indicates a cooling trend for early December, especially in the Northeast and Great Lakes regions. An increase in LNG exports has further bolstered the market, with major U.S. terminals averaging 18 billion cubic feet per day in November, surpassing the previous month's record. Despite these trends, record production levels and robust storage have kept supplies more than adequate. Output in the Lower 48 states reached nearly 110 billion cubic feet per day in November, positioning inventories approximately 5% above the average.