US natural gas futures closed on Tuesday at their best level since December 2018, marking the fifth consecutive month of gains, supported by expectations of lower production, while traders watched the impact of Hurricane Ida on demand.
According to Arab Net, US natural gas production is expected to decline to 89.4 billion cubic feet per day this week, from 92.5 billion cubic feet per day last week.
Gas contracts for October delivery ended the trading session up 7.2 cents, or 1.7%, to record at settlement $4.377 per million British thermal units, the highest closing level. Since December 2018, although it fell as much as 2% earlier in the session amid caution about IDA's impact on demand.
The contract ends the month with a gain of around 12%.
With gas in both Europe and Asia trading above $16 per million British thermal units, compared to just over $4 for US gas, analysts say buyers are about The world will continue to buy all the LNG that the United States can produce.
