On Friday, September Nymex natural gas (NGU26) closed down by $0.011, or 0.40%, marking modest losses due to signs of adequate US supplies. As of July 24, EIA nat-gas inventories were 6.4% above their 5-year seasonal average, indicating ample supply.
US dry gas production on Friday reached 112.7 billion cubic feet per day (bcf/day), a 3.4% increase year-over-year, while demand was at 80.1 bcf/day, up 0.2% year-over-year. The Commodity Weather Group forecasts warmer temperatures in the western US, potentially increasing nat-gas demand as air conditioning usage rises. Furthermore, projected higher production levels may negatively impact prices, with the EIA recently raising its 2026 production forecast to 111.2 bcf/day.
Baker Hughes reported the number of active US nat-gas drilling rigs remained stable at 127 for the week ending July 31, below the 3-year high of 134 set in February 2026. Meanwhile, European gas storage as of July 28 was 56% full, compared to the 5-year average of 72% for this time of year.
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