US natural gas futures rose above $2/MMBtu due to forecasts of warmer weather in the coming weeks, which could increase gas consumption by power generators. Although some cooling is expected in the mid-continent due to Hurricane Debby, a broader trend of warmer temperatures across the US next week is expected to support prices. Export activity has also recovered, but high production levels, around 103 bcfd, may limit significant price increases and lead to larger storage injections. In August, gas output in the Lower 48 states averaged 103.8 bcfd, up from 103.4 bcfd in July but still below December's record of 105.5 bcfd.
Natural gas decreased 0.27 USD/MMBtu or 11.42% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Natural gas reached an all time high of 15.78 in December of 2005. Natural gas - data, forecasts, historical chart - was last updated on August 7 of 2024.
Natural gas decreased 0.27 USD/MMBtu or 11.42% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Natural gas is expected to trade at 2.00 USD/MMBtu by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 2.21 in 12 months time.