Natural Gas Prices Rise on Increased U.S. Production and Strong Demand
Natural gas prices in the U.S., Europe, and Asia are being weighed down by record-high U.S. production, record-high inventories, weak industrial demand in Europe, and tepid consumption in Asia. The warmest autumn in nearly 150 years has extended the refill season for gas storage, resulting in above-average inventories. Traders have turned bearish on natural gas due to ample inventories, muted demand, and increased confidence in Europe's ability to go through the winter without major supply disruptions. The benchmark prices for natural gas in the U.S. and Europe have dropped to multi-month lows.