August Nymex natural gas (NGQ26) closed down by $0.200 (-6.23%) on Thursday, reaching a 1.5-month low due to above-average US natural gas storage levels. The EIA reported an increase of +61 billion cubic feet in nat-gas inventories for the week ending July 3, exceeding the five-year average increase of +51 bcf.
US dry gas production was reported at 113.5 bcf/day, reflecting a year-over-year increase of 6.8%. However, estimated LNG net flows to US export terminals fell to 19 bcf/day (-1.0% week-over-week). The EIA also raised its 2026 forecast for US dry nat-gas production to 111.2 bcf/day from a previous estimate of 111.0 bcf/day.
Meanwhile, the Baker Hughes report indicated that the number of active US nat-gas drilling rigs rose by one to 126 rigs, still below the February 2026 high of 134 rigs. As of July 3, US nat-gas inventories were 6.6% above their five-year seasonal average, while European gas storage was 51% full, compared to a 66% seasonal average.
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