U.S. natural gas futures fell as weather forecasts shifted cooler for the central part of the country. Gas storage remains significantly above the five-year average, inciting fears of a continued oversupplied market, and production is strong.
- Futures for August delivery settled -12.3c, or -4.7%, to $2.478/mmbtu on Nymex
- Lowest close since May 15
Weather:
- Forecasts are trending cooler in the central part of the US, while summer heat continues for much of the rest of the country, particularly the West, July 6-10: Maxar
- See WHUT for a map of latest 6-10 day weather forecast: NOAA
- Click here for two-week temperature forecasts for the US
Daily BNEF Gas Data:
- Lower-48 dry gas production on Monday ~101.3 bcf/day, or -0.7% y/y
- Lower-48 total gas demand on Monday ~74.7 bcf/day, or +5.8% y/y
- Dry gas exports to Mexico on Monday ~6.1 bcf/day, or -8% w/w
- Estimated gas flows to LNG export terminals on Monday ~12.7 bcf/day, or -0.6% w/w
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