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2025-07-30 22:06:10
[US Natural Gas: Double whammy of surging production and cooling demand, prices falling below $3?] ⑴ US natural gas futures prices fell on July 30th, Beijing time, primarily due to increased production and milder weather forecasts, which are expected to reduce cooling demand. ⑵ Front-month natural gas futures for September delivery on the New York Mercantile Exchange fell 10.30 cents, or 3.3%, to $3.04 per million British thermal units (MMBtu), having previously hit their highest level since July 23rd. ⑶ Thomas Saal, Senior Vice President of Energy at StoneX Financial, stated that the market is currently well supplied. ⑷ Data from LSEG, a well-known energy data agency, shows that average natural gas production in the Lower 48 states rose to 107.5 billion cubic feet per day in July, exceeding the monthly record high of 106.4 billion cubic feet set in June. ⑸ Saal added that prices are trending lower as the market shifts to September futures trading, as September is typically associated with milder weather than August. 6. LSEG forecasts that total natural gas demand (including exports) in the Lower 48 U.S. states will fall to 108 billion cubic feet per day (Bcf/d) over the next week, down from 113 Bcf/d this week. 7. Meanwhile, cooling degree days (CDDs) are projected to be 235 over the next two weeks, down from 239 estimated on Monday. 8. Technical issues encountered during the ramp-up of the Shell-led LNG Canada project have also added to market uncertainty.
