Natural gas prices for June delivery on the New York Mercantile Exchange closed at $2.90 per million British thermal units (MMBtu) on Thursday, June 1, 2023, marking an increase of 1.05%. This rise followed a reported inventory increase of 85 billion cubic feet (bcf) for the week ending May 8, which was below analysts’ expectations of 91 bcf.
U.S. dry natural gas production is currently at 107.6 bcf/day, a 1.0% increase compared to the previous year, while demand reached 68.2 bcf/day, a 3.7% year-over-year rise. Additionally, the closure of the Strait of Hormuz is expected to affect Middle Eastern gas supplies and potentially boost U.S. natural gas exports. Despite this, natural gas inventories remain high, being 6.5% above the five-year average.
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