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Natural Gas Gains After Data Showed That US Utilities Withdrew 9 Bcf From Storage.
Natural gas prices surged by 2.28% to settle at 143.3, bolstered by US utilities withdrawing a significant 9 billion cubic feet from storage, surpassing market expectations. This drawdown, coupled with CNX Resources’ reduction in well completions and gas production, contributed to a decline in US gas output by 6% over the past month. Companies like EQT and Chesapeake Energy intentionally curtailed production amid lower prices. However, despite production cuts, natural gas prices are expected to decrease for the second consecutive week due to an extended outage at Freeport train 3, hampering gas flow to LNG export facilities.
