Natural Gas Slumps After Failing To Hold Above $7 Per MMBTU Mark

7 Oct 2022 , 01:23 PM

The US Natural Gas futures slipped in last session after hitting a two week high as a solid increase in US gas storage was reported by the EIA. The commodity hit above $7 per mmbtu before correcting and currently trades down 3.11% at $6.76 per mmbtu. Prices had gained in last few days but are unable to hold onto the rally given the mild weather and power outages in Florida after Hurricane Ian. Moreover, there has been more gas available domestically in recent days as the Cove Point LNG export facility in Maryland started a three-week annual planned maintenance on October 1. The Energy Information Administration (EIA) said natural gas inventories rose by 129 Bcf for the week ending September 30.Powered by Commodity Insights