US natural gas prices fell to a three-week low this morning, with NYMEX Henry Hub futures falling to intraday lows of $2.9/MMBtu, ING commodities experts Ewa Manthey and Warren Patterson note.
Excess storage pushes U.S. natural gas prices
“Prices fell for a fourth straight session today after continued weekly storage additions largely offset forecasts of cooler weather in the eastern half of the US at the end of October.”
“EIA’s weekly gas storage data shows that U.S. natural gas inventories rose by 80 Bcf last week, in line with the average market expectation for an increase of around 80.8 Bcf. That was also close to the five-year average gain of 83 Bcf for this time of year.”
“Total gas inventories stood at 3.721 Tcf as of Oct. 10, 4.3% above the five-year average. All inventories are poised to start the coming winter in excess.”
