US Natural Gas Futures: Futures Down 1% Amid Above-Normal Gas Injection Forecasts
US natural gas futures were down 1% on Wednesday, amid forecasts of above-average natural gas injections into storage.The front-month Henry Hub futures contract and the continuous contract fell by 1.00% to $2.664 per million British thermal units.According to forecasts, US natural gas inventories are set to see a net injection of 83 billion cubic feet in the Energy Information Administration's Weekly Storage Report on Thursday. While this marks a decline from 103 Bcf last week, it is higher than the five-year average of 76 Bcf, according to NRG Energy.Meanwhile, US natural gas output remained steady at 106 Bcf per day, even as total US demand has moderated in recent weeks, led by a drop in residential and commercial demand.LNG Feedgas remained near capacity at 18.8 to 19.0 Bcf per day, with Goldenpass LNG making its first shipment last week, and more capacity set to come online over the coming months.On a bullish note, the eastern two-thirds of the country are expected to see below-normal temperatures from May 06 to May 12, according to the National Weather Service, which stands to add to the natural gas momentum.