**Natural Gas Prices Increase Amid Supply Pressures**
On Wednesday, July Nymex natural gas prices rose by 0.047 (+1.48%), driven by expectations of a below-average increase in domestic natural gas storage. The Energy Information Administration (EIA) is projected to report a weekly increase of 99 billion cubic feet (bcf) for the week ending May 29, which is below the five-year average of 101 bcf.
Key data shows that U.S. dry gas production reached 109.6 bcf/day, up 3.2% year-on-year, while demand stood at 68.7 bcf/day, a 1.5% increase from the previous year. The significant closure of the Strait of Hormuz, which has disrupted Middle Eastern natural gas exports, along with forecasts of hotter weather increasing electricity demand, is expected to support gas prices further. Additionally, the EIA has adjusted its 2026 U.S. natural gas production forecast upward to 110.61 bcf/day from an earlier estimate of 109.60 bcf/day.
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