Gas prices in US reached 2 week-low amid weak demand and rising inventories

The cost of natgas in the US fell about 1% over the past day, hitting a two-week low, Business Recorder said.

This price decline coincided with the release of a federal report from the Energy Information Administration (EIA). According to estimates cited by Business Recorder, gas demand for power generation remain modest due to favorable weather conditions in the US.

As said by Business Recorder analysts, subdued consumption across the country will allow utilities to increase the amount of gas stockpiled in storage facilities above typical levels for this time of year.

According to the agency's analysts' forecasts for the past week, the volume of energy carrier in US gas storage facilities was expected to increase by 109 billion cubic feet of gas. This figure is significantly higher than last year's 73 billion cubic feet for the same week.