U.S. natural gas futures held steady on Thursday as a rise in oil prices offset a decline in global gas prices from record highs.
In addition, traders noted U.S. utilities added more gas to storage than usual for a fourth week in a row. Those big injections combined with rising output in recent weeks have convinced many in the market that the United States will have more than enough gas in inventory for the upcoming winter heating season.
Looking ahead, analysts expect U.S. inventories will top 3.5 tcf by the start of the winter heating season in November, which they said would be a comfortable level even though it falls short of the 3.7 tcf five-year average. That is nowhere near as dire as in Europe where analysts say gas storage is over 20% below normal in some countries.
Data provider Refinitiv said gas output in the U.S. Lower 48 states rose to an average of 91.9 billion cubic feet per day so far in October from 91.1 bcfd in September. That compares with a monthly record of 95.4 bcfd in November 2019.
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