U.S. natural gas prices hit two-week low

U.S. natural gas prices dropped to their lowest level in two weeks, with November futures declining by 1.9% to reach $3.058 per million British thermal units. This decrease was driven by the rapid recovery of gas supplies following the end of Hurricane "Ida" and increased production at storage facilities in preparation for the winter season. Meanwhile, daily U.S. gas production rose by 6.3% to 114.2 billion cubic feet, with demand growing by 8.2%. In Europe, gas prices hit record highs due to security tensions and supply disruptions in the Middle East, while Asian liquefied natural gas prices are expected to exceed $30 per million units, amid competition for shipments to stockpile for the winter.

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