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US natural gas prices fell to $2.87/MMBtu on Monday, extending their retreat from a five-week high as traders weighed the prospect of increased supply. Energy Transfer LP’s Hugh Brinson Pipeline in Texas is set to begin service on September 1 and will eventually be able to transport about 2.2 Bcf/d of natural gas from the Permian Basin to East Texas, which may increase domestic gas supplies in Erath, Louisiana. On top of that, output in the Lower 48 states averaged a record 111.4 bcfd so far in August, up from 110.7 bcfd in July. However, losses were capped by forecasts for warmer weather, with the Commodity Weather Group saying on Friday that above-average temperatures are expected across the eastern two-thirds of the US from September 2-11, keeping cooling demand elevated. Meanwhile, data showed gas demand from LNG export plants improved, as Cheniere Energy’s Corpus Christi facility and Freeport LNG in Texas resumed operations after maintenance.
