On Thursday, August Nymex natural gas (NGQ26) closed at $2.88, down 0.31% following a Wednesday rally of 2.09%. The decline was influenced by increased US natural gas inventories, which surpassed the 5-year average, alongside concerns that Tropical Storm Bertha could disrupt LNG export facilities along the Gulf Coast.
US dry gas production rose to 110.7 billion cubic feet per day (bcf/day), a 1.5% increase year-over-year, while demand dropped to 77.8 bcf/day, down 1.2% year-over-year. LNG net exports were estimated at 18.2 bcf/day, a 4.8% week-over-week increase. Despite mixed signals from inventory reports—where natural gas inventories increased by 32 bcf, slightly less than expected but above the 5-year average—adequate supplies are indicated, with current levels 6.4% above the seasonal average.
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