U.S. natural gas futures climbed about 4% on Wednesday on near-record flows to liquefied natural gas export plants and forecasts for higher demand than previously expected as the weather turns colder than
U.S. natural gas futures climbed about 4% on Wednesday on near-record flows to liquefied natural gas export plants and forecasts for higher demand than previously expected as the weather turns colder than normal going into December.
Front-month gas futures for December delivery on the New York Mercantile Exchange rose 17.9 cents, or 4.1%, to settle at $4.550 per million British thermal units (mmBtu).
LSEG said average gas output in the Lower 48 states rose to 109.1 billion cubic feet per day (bcfd) so far in November, up from 107.3 bcfd in October and a record monthly high of 108.3 bcfd in August.
Record output so far this year has allowed energy companies to stockpile more gas than usual. There was about 4% more gas in storage than normal for this time of year.
Meteorologists forecast temperatures across the country will remain warmer than normal through November 26 before turning colder than normal from November 28 to December 4.
LSEG projected average gas demand in the Lower 48 states, including exports, would hold around 116.6 bcfd this week and next. Those forecasts were higher than LSEG's outlook on Tuesday.
The average amount of gas flowing to the eight big LNG
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