FX.co ★ US Natgas Prices At Over 1-Week Low

US natural gas futures hovered near a more-than-one-week low around $2.99 per MMBtu, pressured by forecasts for below-normal temperatures that point to softer demand. Cooler-than-average weather is expected across California through May 30 and in the eastern half of the country from May 31 to June 4, likely curbing power-sector consumption for air conditioning.

However, further price declines were tempered by lower output and stronger LNG export activity. Gas production in the Lower 48 states has averaged 109.4 billion cubic feet per day so far in May, down slightly from 109.8 billion cubic feet per day in April. At the same time, gas flows to US LNG export facilities climbed to an estimated 18.4 billion cubic feet per day on Tuesday—almost 9% above the prior week—as several plants resumed operations following seasonal maintenance that had temporarily pushed more supply back into the domestic market.