US Natural Gas drops to three-week low on ample storage – ING

FXStreet Insights Team FXStreet

US Natural Gas prices slid to the lowest in three weeks this morning, with NYMEX Henry Hub futures falling to the intraday lows of $2.9/MMBtu, ING's commodity experts Ewa Manthey and Warren Patterson note.

Storage surplus pressures US Natural Gas prices

"Prices declined for a fourth consecutive session today, following continued weekly storage injections largely offsetting the forecasts for cooler weather across the eastern half of the US in late October."

"EIA weekly Gas storage data shows that US Gas inventory rose by 80Bcf last week, in line with the average market expectation for a build of around 80.8Bcf. This was also close to the five-year average addition of 83Bcf for this time of year."

"Total Gas stockpiles totalled 3.721Tcf as of 10 October, which is 4.3% above the five-year average. Inventories are all set to start the upcoming winter at a surplus."

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