US Natgas Prices Hit Two-Week Low Amid Rising Output, High Storage
LNG sits 31% above its 52-week low of $186.2.
Summary
US natural gas futures fell 1.6% to a two-week low of $3.135 per million British thermal units, driven by increased daily output and expectations of continued high storage levels. LNG export plant flows have also decreased to 16.5 bcfd in June, partly due to ongoing maintenance at facilities including ExxonMobil/QatarEnergy's Golden Pass. This negative price movement and reduced export capacity create headwinds for natural gas producers and LNG exporters like Cheniere Energy and ExxonMobil, impacting their future revenue and profitability. A federal report on gas storage for the week ended June 5 is expected to show a larger-than-normal increase of 99 billion cubic feet, which could further pressure prices.
At the time of this announcement, LNG was trading at $244.73 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $51.3B. The 52-week trading range was $186.20 to $300.89. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.