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2026-07-30 22:10:51
[US Natural Gas Futures Prices Fall Slightly by About 1% as Record Production and High Inventories Exceed Weekly Inventory Report] ⑴ US natural gas futures prices fell slightly by about 1% on Thursday, with the September contract at $2.686 per million British thermal units (MMBtu). The contract was pressured by record production, reduced LNG export terminal flows, and ample inventory, marking the third time in four days that it had entered technically oversold territory. ⑵ Analysts expect US natural gas inventories to increase by about 35 billion cubic feet in the week ending July 24, higher than the five-year average of about 26 billion cubic feet, but lower than the 44 billion cubic feet in the same period last year. Inventory levels are expected to be about 6.6% higher than the five-year average. ⑶ On the supply side, data shows that since July, average daily production in the 48 contiguous US states has risen to about 110.7 billion cubic feet, higher than June levels and surpassing the monthly record set in December 2025. On the demand side, total domestic demand (including exports) is expected to be about 111.7 billion cubic feet this week, and may rise to 112.5 billion cubic feet next week. (4) The average daily flow to the nine major U.S. LNG export terminals has fallen to approximately 17.2 billion cubic feet since July, below June levels and the monthly peak reached in April, mainly due to maintenance at the Freeport LNG plant in Texas. (5) Weather forecasts indicate generally warmer weather until mid-August, supporting demand for gas for power generation. However, record production continues to suppress upward price potential. The market will focus on the discrepancy between tonight's EIA inventory report and expectations.
