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On Tuesday, July Nymex natural gas (NGN25) closed down by -0.102 (-2.81%), extending losses from Monday and reaching a one-week low. The decline is attributed to forecasts of cooler US temperatures, expected to reduce natural gas demand and facilitate inventory growth.
As of May 30, natural gas inventories stood at 4.7% above the five-year seasonal average. Additionally, Baker Hughes reported an increase in active US natural gas rigs to a 15-month high of 114, indicating potential for higher production.
Lower-48 state dry gas production was reported at 104.3 bcf/day (+2.4% y/y), while gas demand was 69.8 bcf/day (+0.1% y/y). However, US electricity output fell by 1.8% year-over-year, which could negatively impact natural gas demand from utility providers.
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