MOSCOW, 19 Sep — PRIME. U.S. natural gas prices fell about 7% on Friday to hit a 5-week low. US natural gas production remains high, while global prices have declined.
Natural gas fell about 9% on Thursday after a temporary deal was struck to avoid a U.S. railroad strike and a larger-than-expected build in inventories. On Wednesday, quotes jumped by about 10% on concerns about a possible railroad strike.
In addition to the increase in production, the decline in natural gas prices was supported by expectations of lower demand after the closure of the Cove Point LNG terminal in Maryland for a couple of weeks in October due to maintenance work.
US natural gas prices have been under some pressure for several months amid the suspension of Freeport LNG terminal operations.
Near-term natural gas futures ended trading down 56 cents on Friday, at a low of $7.764 per million Btu since August 8.
Last week, natural gas fell in price by about 3%, demonstrating a four-week decline for the first time since March.
Over the past period this year, natural gas prices in the US have risen by about 109%.
On Friday, natural gas traded at about $55/MMBtu in Europe and $42/MMBtu in Asia.
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