Robust US Gas Production Lends Bearish Pressure

摘要

October gas futures gave up a nickel Friday to end the week nearly flat in the mid-$2.70s/MMBtu as production growth was poised to hit another record over the weekend. Soft demand, exacerbated by massive power outages from Hurricane Florence, also weighed on the contract. "The natural gas market has been more clearly moving into the doldrums of the fall shoulder season,” GMP/FirstEnergy analyst Martin King said. “The sharp reduction that has been seen for futures prices simply reflects a market which continues to see astounding supply growth against a seasonal demand profile which has become softer as the weather cools into the fall."