On September 30, 2024, U.S. natural gas futures fell by approximately 1% due to a slight increase in production and lower demand predictions for the upcoming weeks. The output increase followed the resumption of operations in the Gulf of Mexico after Hurricane Helene passed, while demand decreased as over two million homes and businesses in the Southeast and Midwest remained without power due to the storm's impact.
Front-month gas futures for November delivery on the New York Mercantile Exchange decreased by 1.9 cents, settling at $2.883 per million British thermal units. Despite this decline, the contract has seen a substantial increase of about 36% over the month, marking the most significant rise since July 2022.
The U.S. has emerged as the world's largest liquefied natural gas (LNG) supplier in 2023, surpassing Australia and Qatar, driven by heightened global prices and supply disruptions, particularly influenced by sanctions related to Russia's invasion of Ukraine. Gas prices in Europe and Asia have also recently risen, reflecting ongoing volatility in the energy market.
As the global energy landscape continues to shift, the implications of these developments are significant, affecting energy security and pricing worldwide.