US Natgas Prices Rise for 5th Day after Smaller-than-expected Storage Build

US natural gas futures climbed 2% to $3.54/MMBtu on Thursday, extending gains to a fifth straight session and hitting an 11-week high after a bullish EIA storage report.

Inventories rose by just 53 bcf in the week ending Sept. 26, well below forecasts of 67 bcf and the five-year average build of 85 bcf.

Total storage now stands at 3.561 tcf, 0.6% above last year and 5% above the five-year norm.

Meanwhile, output in the Lower 48 eased to 107.4 bcfd in September, down from August’s record 108.3 bcfd.

On the export front, US LNG shipments hit a record 9.4 million MT in September, topping the August high of 9.3 million, though early October feedgas flows have dipped due to reduced intake at Venture Global’s Calcasieu plant in Louisiana.

Meanwhile, Hurricane Imelda is weakening and expected to transition to an extra-tropical low, limiting supply risks.