Benchmark U.S. natural gas prices rose sharply over the past week as higher residential and commercial demand offset lower power sector consumption, the Energy Information Administration said.
Henry Hub gas as of last week was up 8.1%, from a week earlier and NYMEX futures trading November gas rose 7.4%
U.S. gas demand is up 3% led by an increase of nearly 12% in residential and commercial use. The past week’s demand was up 11% from the same period a year earlier.
while average weekly injections have been mostly running below the five-year average, gas storage levels are expected to reach an all-time high by the end of October, when the traditional injection season ends.