Welcome back to a relatively quiet day in natural gas today. The September prompt month NYMEX futures contract traded between US$9.175/MMBtu and $9.419 today, settling out the day +$0.045 at $9.375. As we mentioned yesterday, today was the release of the weekly Lower-48 storage balance report from the U.S. Energy Information Administration (EIA). The industry estimate prior to the 10:30AM came in at an injection of 59 billion cubic feet (Bcf) and the actual number came in almost spot on at 60 Bcf. Since the actual number was 1 Bcf greater than the consensus average, markets had a delayed drop to the low of the day, but recovered shortly after.

Outside of North America, prices continue to climb with ongoing cuts from Russia. Europe and Asia prices yesterday settled at $85 and $45 respectively, that’s nearly 10 times what we are seeing here in Europe. With this in mind, liquefied natural gas exports have been hitting highs even without Freeport LNG online, so we can expect greater imports come November when it resumes. All-in-all, the current outlook is a rocky winter, and we still have the rest of summer and fall to go through! Our tip to customers at the moment? Conserve what you can when it’s not needed, and stay up to date with RiteRate. ~CL

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