*July Nymex natural gas (NGN26) closed at $3.23 on Wednesday, up 2.35%. Prices increased due to hotter weather forecasts across the mid-Atlantic and upper Midwest, potentially boosting demand from electricity providers for air conditioning ahead of July 3.*
*The EIA’s upcoming report anticipates a smaller-than-average increase in U.S. gas storage levels, with a consensus forecast of +67 bcf for the week ending June 19, compared to the five-year average of +75 bcf. U.S. dry gas production was reported at 111.1 bcf/day, an increase of 3.5% year-over-year, while gas demand fell to 72.3 bcf/day, a drop of 13.7% year-over-year.*
*The impact of global LNG supply constraints is noteworthy; Qatar’s Ras Laffan plant, which supplies 20% of global LNG, reported damage that will take three to five years to repair, potentially enhancing U.S. export opportunities. However, U.S. electricity output dipped 2.17% year-over-year to 89,351 GWh for the week ending June 20.*
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