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Natural Gas Prices Sink to One-month Low amid Strong Inventory Gains

Taarek Refaat U.S. natural gas futures tumbled on Thursday, slipping over 6% to their lowest levels since mid-May, as stronger-than-expected storage injections and growing output offset even record-setting heat across the Northeast. Storage Data Surprises to the Downside On its final day of trading, July natural gas futures fell by 6.1%, settling at $3.199 per mmBtu—marking the lowest close since May 19 and extending the losing streak to five consecutive sessions, the longest since August 2024. August contracts, soon to become the new front-month, also dropped by around 4% to $3.43 per mmBtu. The latest natural gas price recorded a drop of -4.26% to $3.261. The sharp pullback followed the latest EIA storage report, which showed a 96 billion cubic feet (bcf) build for the week ending June 20—outpacing analyst estimates of 88 bcf, and far exceeding both last year's 59 bcf build and the five-year average of 79 bcf. 'Supply is consistently outpacing demand, and traders are responding accordingly,' said Sarah Linton of CapitalEdge Analytics. Heat Fails to Lift Prices as Production Climbs Even with record heat waves pushing temperatures to 100°F (37.8°C) in cities like New York, Boston, and Philadelphia, and electricity demand surging due to increased air conditioning use, the price support typically seen during such weather events has faltered. Analysts attribute this to robust production levels, which are helping replenish gas inventories faster than usual. 'We're seeing solid power demand, but output is simply too high,' said Tom Baker, a commodities expert at RigWatch. 'Storage continues to build, which keeps a lid on prices.' Analysts Say Summer Highs May Be Behind Us Natural gas prices have now retreated by 23% since peaking at $4.15/mmBtu on June 20, suggesting the market may have already passed its seasonal high. 'Unless the U.S. faces an extended, nationwide heatwave, it's likely that June 20 marked the high point for the summer,' Linton added. With August and July futures continuing to trade at a discount to recent levels, the market appears braced for a muted second half of summer, despite ongoing heat and demand for cooling. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean