In the month of October, the Energy Information Administration reported an injection of 74 BCF into underground storage during the week ending October 20th. Inventories for the year sit at 3700 BCF which is 313 BCF higher than last year and 183 BCF higher than the 5-year average. Two-thirds of the country still face warmer weather on the east coast, delaying increases in heating demand. Natural gas production has averaged around 102.1 BCF per day this month which was higher than last month’s. With combined healthy storage levels, production, and October’s warmer than expected temperatures, natural gas prices have remained relatively tame. However, some experts continue to forecast a slow ascent in prices in the long-term.
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