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On Friday, July Nymex natural gas prices (NGN25) fell by $0.142, a decline of 3.56%, retreating from a 2-1/2 month high. The drop followed forecasts of normal temperatures in the eastern U.S. for June 30-July 4, which are expected to reduce demand from electricity providers.
According to the latest data from BNEF, lower-48 state dry gas production was 106.7 billion cubic feet per day (bcf/day), up 3.3% year-over-year, while demand was reported at 69.8 bcf/day, down 11.3% year-over-year. Additionally, LNG exports rose slightly to 13.8 bcf/day, a weekly increase of 0.3%.
Baker Hughes reported a decrease in active nat-gas drilling rigs, with numbers dropping by 2 to 111, slightly below the 15-month high of 114. Over the past nine months, rig counts have increased from a four-year low of 94 in September 2024.
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