The EIA expects natural gas output to hit an all-time high of 72.26 billion cubic feet per day this year on new supply sources from shale deposits.
Nevertheless, despite the record production, the EIA calculates that stockpiles will finish around 3.405 trillion cubic feet by the end of October, the lowest level for the month since 2008.
“We would need a very cool summer to push gas prices much lower,” Price Futures Group’s Flynn said. “Inventories are still at an 11-year seasonal low, so we still have a long way to go to get back to normal levels.”
United States Natural Gas Fund
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