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On Thursday, September Nymex natural gas (NGU25) closed down by -0.010 (-0.32%) after falling from a one-week high due to cooler US weather forecasts, which will likely reduce demand from electricity providers. The weekly EIA report indicated that natural gas inventories for the week ending August 1 rose by only +7 billion cubic feet (bcf), below the expected +12 bcf and the five-year average of +29 bcf.
As of August 1, US natural gas inventories were down -4.3% year-on-year but +5.9% above the five-year seasonal average, indicating sufficient supplies. Meanwhile, Baker Hughes reported an increase of +2 active drilling rigs, bringing the total to a two-year high of 124 rigs, while Lower-48 state dry gas production reached 108.7 bcf/day, a 5.7% increase year-on-year.
Additionally, US electricity output for the week ending August 2 rose by +0.9% year-on-year to 99,367 gigawatt-hours. Estimated LNG net flows to US export terminals were reported at 15.5 bcf/day, marking a 10.1% week-on-week increase.
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