August Nymex natural gas closed on Tuesday at $2.94, up 0.24%. Demand outlook is being pressured by predictions of cooler temperatures across the U.S. through July 23, which could decrease natural gas usage for electricity generation.
U.S. dry gas production reached 112.1 billion cubic feet per day (bcf/day), a 3.7% increase year-over-year. Meanwhile, LNG net flows to U.S. export terminals were steady at 17.8 bcf/day. The Energy Information Administration (EIA) revised its 2026 production forecast to 111.2 bcf/day, further challenging price stability.
As of July 3, natural gas inventories increased by 61 bcf, aligning with expectations, while current European gas storage is 52% full, below the 5-year average of 68%. The number of active U.S. natural gas drilling rigs remains unchanged at 126, significantly lower than the recent high of 134 rigs.
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