Natural gas prices dropped by 2.27% to ₹180.6 due to milder weather forecasts, reducing demand for gas by power generators. Despite this, output decreased, and flows to LNG export terminals increased. Gas inventories remained 12% above normal levels, as producers injected smaller amounts into storage for 15 out of 16 weeks.
Gas output in the U.S. Lower 48 states averaged 102.3 billion cubic feet per day in September, down from 103.2 bcfd in August. Meteorologists predict near-normal weather until September 11, followed by warmer-than-normal conditions from September 12 to 18.
Gas flows to U.S. LNG export plants increased to 13.1 bcfd in September. The Energy Information Administration predicts a larger decline in natural gas output for 2024, with production expected to average 103.3 bcfd.
Gas consumption is projected at 89.8 bcfd. U.S. utilities added 35 billion cubic feet of gas into storage, raising stockpiles to 3,334 Bcf.
