31.07.202514:57:54UTC+00US Natgas Prices Down 12% in July

U.S. natural gas futures held steady around $3.03 per MMBtu on Thursday, hovering near their lowest point since April 22. This stagnation is primarily due to oversupply concerns coupled with predictions of mild weather. Recent data from the Energy Information Administration (EIA) indicated a larger-than-anticipated injection of 48 billion cubic feet into storage last week, surpassing the predicted 38 billion cubic feet. Gas prices have dropped over 12% in July, halting a two-month upward trend as production continues to outstrip demand. According to LSEG, the average production in the Lower 48 states reached 107.5 billion cubic feet per day in July, breaking June's record of 106.4 billion cubic feet per day. The increase in supply aligns with forecasted cooler temperatures, reducing the power sector's gas demand. Nonetheless, traders remain vigilant for the possibility of hotter weather later in August, which could escalate air-conditioning usage and potentially drive up gas demand.