US Natgas Jumps 4% as Soaring Global Prices Keep LNG Exports Strong

Data provider Refinitiv said output in the U.S. Lower 48 states averaged 96.1 Bcf/d so far in November, up from 94.1 Bcf/d in October and a monthly record of 95.4 Bcf/d in November 2019.


U.S. natural gas futures jumped about 4% on Nov. 23, erasing most of the 5% drop seen on Nov. 22, as soaring global gas prices keep demand for U.S. LNG exports near record highs.

Gas prices in Europe soared about 6% on Nov. 23 as colder weather increased demand and the market remained nervous about winter supplies from Russia.

In recent months, global gas prices hit record highs as utilities around the world scrambled for LNG cargoes to replenish extremely low stockpiles in Europe and meet insatiable demand in Asia, where energy shortfalls have caused power blackouts in China.

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