US natural gas futures bounced back to $6.50 per million British thermal units as short-sellers rushed to cover their positions after prices found technical support at the $6 level. Still, prices remained under pressure amid rising domestic inventories while mild temperatures dampened cooling demand. The latest EIA report showed that US utilities injected 74 billion cubic feet (bcf) of natural gas into underground storage, well above the median estimates of a 65 bcf injection and last year's 49 bcf addition. The recent explosion at one of the biggest US liquefied natural gas export terminals in Texas is keeping an additional two bcf a day of natural gas in the US market despite soaring international demand, easing pressure from domestic prices. Freeport LNG said it doesn't expect the terminal to return to entire operations until late 2022, with partial production resuming perhaps in three months.
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 June of 2022.
Natural gas is expected to trade at 6.58 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 7.80 in 12 months time.