On Thursday, August Nymex natural gas (NGQ26) closed down $0.024 (-0.75%), hitting a two-week low. The decline was influenced by a larger-than-expected increase in US nat-gas storage, with the EIA reporting an addition of 87 billion cubic feet (bcf) for the week ending June 26, surpassing the consensus estimate of 83 bcf.
US dry gas production was reported at 111.7 bcf/day, up 2.8% year-over-year. Meanwhile, lower-48 gas demand rose to 79.1 bcf/day (+4.7% y/y). Estimated LNG net flows to US export terminals reached 19.3 bcf/day, a 1.5% increase week-over-week. Despite these increases, forecasts of cooler weather could dampen demand for natural gas in the coming weeks.
Gas inventories as of June 26 were down 1.0% year-over-year but were 6.4% above the five-year seasonal average. Additionally, the number of active US nat-gas drilling rigs increased by one to 126, although this remains below the 134-rig peak from February 2026.
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