US Nagas Nears Three-Week High

US natural gas futures topped $3/MMBtu, hovering near a three-week high, as forecasts pointed to stronger demand this week, alongside gains in other energy markets.

Despite the increase, price movement has been limited due to near-record output, ample storage levels, and expectations of milder weather that could cap demand.

This marked the fifth consecutive daily gain, the longest upward streak since February.

Analysts noted that record output has allowed energy firms to inject about 5% more gas into storage than usual for this time of year.

However, average gas output in the Lower 48 states has dipped slightly in early September, and LNG feedgas demand has also eased.

Looking ahead, forecasts suggest gas demand will cool next week, which could keep futures under pressure despite the recent rally.