Natural Gas In Demand After Recent Correction

11 Oct 2022 , 12:43 PM

The US Natural Gas futures spiked today after a retreat from highs above $7 per mmbtu few days back. The counter slipped near a one week low of $6.40 per mmbtu yesterday amid sustained selling in the US equities and firm US dollar index. However, prices saw good support after this decline as traders focused on the prospect of elevated liquefied natural gas demand in near term. The export demand for US LNG rose sharply in August, particularly to European nations facing a rapidly approaching winter. This is also capping the downside as the heavy attacks launched by Russia over last two days triggered fresh worries on energy security ahead of the peak winter season. The US Natural Gas futures are trading at $6.52 per mmbtu, up 1.26% on the day.Powered by Commodity Insights