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U.S. Natural Gas Prices Rise in Week Ended May 13 Amid Near-Normal Temperatures, EIA Reports

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The U.S. benchmark Henry Hub natural gas spot price rose US$0.13 per million British thermal units to $2.88/MMBtu in the week ended May 13, the U.S. Energy Information Administration said in its Weekly Natural Gas Storage Report Supplement released Thursday.

Temperatures across the country remained near normal overall, limiting heating and cooling needs, the EIA noted.

U.S. natural gas demand edged lower by 0.5 billion cubic feet per day week over week, led by a decline in residential and commercial consumption and slightly offset by a rise in electric power sector demand, the EIA said.

U.S. natural gas supply increased 1.0 Bcf/d, led by higher dry natural gas production, the EIA reported, citing LSEG Data.

Net injections into storage amounted to 85 Bcf for the week ended May 8, resulting in total working gas stocks of 2,290 Bcf. This was 140 Bcf more than the five-year average and 51 Bcf more than the year-ago period.

The LNG-carrying capacity of vessels departing U.S. ports was 141 Bcf, up 26 Bcf from the previous week. Thirty-seven LNG vessels left the country, an increase of seven vessels week over week, the EIA reported.

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