On Monday, June Nymex natural gas (NGM26) prices increased by 2.16%, closing up by $0.064. This rise corresponds to expectations of hotter temperatures in the eastern U.S., likely increasing demand for natural gas from electricity providers for air conditioning.
As of May 16, U.S. dry gas production stood at 108.9 billion cubic feet per day (bcf/day), marking a 1.3% year-over-year increase. Lower-48 state gas demand also rose, reaching 69.9 bcf/day, up 9.2% year-over-year. Current U.S. natural gas inventories are reported to be 6.5% above the five-year seasonal average, indicating ample supplies despite a potential downturn in exports due to geopolitical tensions affecting Middle Eastern supply routes.
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