**Natural Gas Prices Hit Two-Month Low Amid Increased Production and Lower Exports**
On Monday, August Nymex natural gas closed down 1.46%, reaching a two-month low. U.S. natural gas production in the Permian Basin surged to over 23 billion cubic feet (bcf) per day over the weekend, the highest in two months, while exports to LNG terminals fell to 17.5 bcf, the lowest level in a month, increasing domestic supplies.
Despite projections of hotter weather that could raise demand for electricity and natural gas, bearish factors loom with a powerful El Niño expected to bring warmer temperatures in the upcoming fall and winter, potentially reducing heating demand. Current dry gas production stands at 113.2 bcf per day, a 5.5% year-over-year increase, with net flows to LNG terminals decreasing by 5.8% week-over-week, according to Bloomberg New Energy Finance (BNEF).
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