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On Friday, September Nymex natural gas (NGU25) prices closed down by 0.077, or 2.51%, influenced by expectations of cooler summer weather reducing electricity demand for air conditioning. Weather forecasts from Vaisala indicated cooler temperatures along the West and East coasts for August 13-17.
As of August 1, lower-48 state dry gas production reached 109.2 billion cubic feet per day (bcf/day), up 6.3% year-over-year, while gas demand was 79.1 bcf/day, increasing 0.2% year-over-year. The estimated LNG net flows to export terminals were reported at 15.5 bcf/day, down 0.8% week-over-week.
Additionally, Baker Hughes reported a decrease in active US natural gas drilling rigs, with a drop of 1 rig to a total of 123, following a two-year high of 124 rigs on August 1. The number of gas rigs has risen from a four-year low of 94 rigs in September 2024.
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