22.10.202615:03:55UTC+00US Natgas Prices Edge Up from 2-Month Low

US natural gas prices edged up to $2.81 per MMBtu, rebounding from a two-month low of $2.79 hit on October 21, after the EIA reported a smaller-than-expected weekly build in storage. Softer production earlier in the month likely helped curb injections, with energy companies adding 77 billion cubic feet (bcf) to storage in the week ended October 16, below market expectations of 79 bcf. The latest build also trailed the 86 bcf added in the same week a year ago and the five-year average of 87 bcf.

Total inventories rose to 3.644 trillion cubic feet, 4% below levels a year earlier but 1% above the five-year average. At the same time, average natural gas output in the Lower 48 states slipped from record highs of 113.3 billion cubic feet per day (bcfd) in August and September to 111.6 bcfd so far in October. In contrast, average gas flows to the nine major US LNG export facilities increased to 18.1 bcfd in October, up from 17.9 bcfd in September.