On its first day as the front-month, gas futures for October delivery were down 1.5 cents, or 3.4%, to $4.237 per million British thermal units (mmBtu)
On its last day as the front-month, gas futures for May delivery rose 2.4 cents, or 0.8%, to $2.897 per million British thermal units.
That increase kept the front-month in overbought territory with a Relative Strength Index (RSI) over 70 for a third day in a row for the first time since August 2020.
The rebound in US LNG is...supported by falling freight rates in the Atlantic Basin, which dizzyingly fell from $322,000 per day two months (ago) to just $21,000 per day.
On a daily basis, US LNG feedgas was on track to reach 11.4 bcfd on Friday, which would top the 11.3-bcfd record in mid-December, according to preliminary data from Refinitiv.
Front-month gas futures rose 2.8 cents, or 1.0%, to $2.867 per million British thermal units.3
Refinitiv projected average gas demand, including exports, would drop from 112.2 bcfd this week to 105.0 bcfd next week as the weather turns seasonally milder.