US natural gas futures fell over 11% on Monday dragged by forecasts for warmer-than-average weather that could lead to reduced heating demand in the next two weeks. The front-month gas futures for January delivery slid 62.3 cents (11.4%) to $4.854 per MMBtu, marking the sharpest daily percentage drop since January 2019. The decrease also eroded gains accumulated during sessions after the Thanksgiving holiday.
Previously, total US gas demand, including exports, was expected to increase from 112.0 Bcfd this week to 116.2 Bcfd next week on expectations of colder weather. Exports are projected to remain robust amid high LNG prices in Europe and Asia. An industry survey showed feedgas flows to major US liquefaction plants averaged 11.4 Bcfd so far in November, higher than 10.5 Bcfd in October and close to a record high of 11.5 Bcfd in April.
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Published on November 30, 2021 3:42 PM (GMT+8)Last Updated on November 30, 2021 3:42 PM (GMT+8)
