On Monday, October Nymex natural gas (NGV26) closed at $2.90, up by $0.065 or 2.30%, amid forecasts of hotter weather in the US, which is expected to increase demand from electricity providers. The Commodity Weather Group reported above-average temperatures across the South are anticipated through September 28.
US dry gas production on Monday reached 114.4 billion cubic feet per day (bcf/day), a 5.2% increase year-over-year, while lower-48 states saw demand at 74.2 bcf/day, up 7.7% year-over-year. Estimated LNG net flows to US export terminals were 19.9 bcf/day, a 2.9% weekly increase.
Conversely, a projected rise in US natural gas storage levels to 3,985 bcf by the end of October represents a 10-year high, which may suppress prices. The EIA noted a recent increase of 40 bcf in US inventories for the week ending September 4, slightly above expectations.
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