US natgas hits six-week low on higher output and lower demand outlook

Financial group LSEG said average gas output in the U.S. Lower 48 states rose to 110.2 billion cubic feet per day (bcfd) so far in July, up from 110.0 bcfd in June, but still below the monthly record high of 110.6 bcfd in December 2025. Analysts said mostly mild weather during the spring allowed energy firms to stockpile more gas than usual. They projected the amount of gas in inventories held at 6.6% above normal during the week ended July 10, the same as the previous week. EIA/GAS NGAS/POLL Meteorologists forecast the weather would remain mostly warmer than normal through July 28, keeping the amount of gas power generators burn high as homes and businesses crank up air conditioners. About 40% of U.S. power generation comes from gas-fired plants. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 110.2 bcfd this week to 109.1 bcfd next week. Those forecasts were lower than LSEG's outlook on Friday. Average gas flows to the nine big U.S. LNG export plants rose to 17.6 bcfd so far in July, up from 17.4 bcfd in June, but remain below the monthly record high of 18.8 bcfd in April. That increase in average LNG feedgas came despite the reduction in flows to Freeport LNG's 2.4-bcfd export plant in Texas for planned work from July 10 to late August. | Week ended Jul 10 Forecast | Week ended Jul 3 Actual | Year ago Jul 10 | Five-year average (2021-2025) Jul 10 | | --- | --- | --- | --- | | U.S. weekly natgas storage change (bcf) | +48 | +61 | +47 | +45 | | U.S. total natgas in storage (bcf) | 3,031 | 2,983 | 3,045 | 2,843 | | U.S. total storage versus 5-year average | +6.6% | +6.6% | | | | Global Gas Benchmark Futures ($ per mmBtu) | Current Day | Prior Day | This Month Last Year | Prior Year Average 2025 | Five-Year Average (2021-2025) | | --- | --- | --- | --- | --- | --- | | Henry Hub NGc1 | 2.89 | 2.94 | 3.30 | 3.62 | 3.79 | | Title Transfer Facility (TTF) TRNLTTFMc1 | 17.01 | 16.31 | 9.98 | 11.94 | 18.51 | | Japan-Korea Marker (JKM) JKMc1 | 16.52 | 16.58 | 12.53 | 12.24 | 18.12 | | LSEG U.S. GFS Heating, Cooling and Total Degree Days | Current Day | Prior Day | Prior Year | 10-Year Norm | 30-Year Norm | | --- | --- | --- | --- | --- | --- | | U.S. GFS Heating Degree Days (HDD) | 3 | 2 | 3 | 3 | 3 | | U.S. GFS Cooling Degree Days (CDD) | 228 | 233 | 219 | 213 | 203 | | U.S. GFS Total Degree Days (TDD) | 231 | 235 | 222 | 216 | 206 | | U.S. Weekly GFS Supply and Demand Forecasts | Prior Week | Current Week | Next Week | This Week Last Year | Five-Year (2021-2025) Average for Month | | --- | --- | --- | --- | --- | --- | | U.S. Lower 48 Dry Production | 109.7 | 111.1 | 111.0 | 107.6 | 101.4 | | U.S. Imports from Canada | 7.5 | 7.4 | 7.0 | N/A | 8.2 | | Total U.S. Supply | 117.2 | 118.5 | 118.0 | N/A | 109.6 | | U.S. LNG Export Feedgas | 17.8 | 17.0 | 17.4 | 16.0 | 11.0 | | U.S. Power Plant | 46.1 | 46.6 | 44.7 | 47.7 | 46.1 | | Total U.S. Demand | 110.7 | 110.2 | 109.1 | N/A | 104.8 | | SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu) | Current Day | Prior Day | This Month Last Year | Prior Year Average 2025 | Five-Year Average (2021-2025) | | --- | --- | --- | --- | --- | --- | | Henry Hub NG-W-HH-SNL | 2.73 | 3.17 | 3.20 | 3.52 | 3.72 | | Transco Z6 New York NG-CG-NY-SNL | 2.21 | 2.53 | 2.87 | 3.53 | 3.56 | | PG&E Citygate NG-CG-PGE-SNL | 2.23 | 2.24 | 3.45 | 3.42 | 5.47 | | Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL | 2.10 | 2.39 | 2.61 | 2.79 | 2.96 | | Chicago Citygate NG-CG-CH-SNL | 2.56 | 2.72 | 2.95 | 3.23 | 3.60 | | Algonquin Citygate NG-CG-BS-SNL | 2.38 | 2.75 | 4.50 | 6.08 | 5.04 | | SoCal Citygate NG-SCL-CGT-SNL | 3.05 | 2.90 | 3.70 | 3.60 | 5.71 | | Waha Hub NG-WAH-WTX-SNL | 1.80 | 1.63 | 1.57 | 1.15 | 2.88 | | AECO NG-ASH-ALB-SNL | 1.11 | 1.12 | 0.51 | 1.13 | 2.13 | | ICE U.S. Power Next-Day Prices ($ per megawatt-hour) | Current Day | Prior Day | This Month Last Year | Prior Year Average 2025 | Five-Year Average (2021-2025) | | --- | --- | --- | --- | --- | --- | | New England E-NEPLMHP-IDX | 62.00 | 73.19 | 89.06 | 77.12 | 61.67 | | PJM West E-PJWHRTP-IX | 90.21 | 112.45 | 87.25 | 60.23 | 54.47 | | Mid-Columbia (Mid C) W-MIDCP-IDX | 55.78 | 31.52 | 52.17 | 44.81 | 68.96 | | Palo Verde W-PVP-IDX | 51.00 | 39.83 | 48.82 | 34.82 | 59.94 | | South Path-15 (SP-15) W-SP15-IDX | 38.91 | 27.02 | 33.95 | 28.44 | 53.02 | (Reporting by Scott DiSavino, Editing by Nick Zieminski) U.S. natural gas futures slid about 2% to a six-week low on Monday on rising output, forecasts for less demand than previously expected, and a decline in flows to liquefied natural gas export plants during maintenance at Freeport LNG in Texas. That gas price decline was offset by a roughly 9% jump in oil futures CLc1 due to supply worries after the U.S. said it would reimpose a blockade on Iran's ports. Front-month gas futures for August delivery NGc1 on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to settle at $2.897 per million British thermal units (mmBtu), their lowest close since May 26 for a third day in a row. That also put the front-month down for four days in a row for the first time since mid-April and kept it in technically oversold territory for a second day in a row for the first time since mid-April. For the year, futures for calendar 2027 NGCALYZ7 fell to $3.36 per mmBtu, their lowest since February 2022.

US natgas hits six-week low on higher output and lower demand outlook

Supply, demand and storage

Key market data and forecasts

Regional gas and power prices

Natgas falls on higher output and weaker demand outlook

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Week ended Jul 10 Forecast	Week ended Jul 3 Actual	Year ago Jul 10	Five-year average (2021-2025) Jul 10
U.S. weekly natgas storage change (bcf)	+48	+61	+47
U.S. total natgas in storage (bcf)	3,031	2,983	3,045
U.S. total storage versus 5-year average	+6.6%	+6.6%

Global Gas Benchmark Futures ($ per mmBtu)	Current Day	Prior Day	This Month Last Year	Prior Year Average 2025	Five-Year Average (2021-2025)
Henry Hub NGc1	2.89	2.94	3.30	3.62	3.79
Title Transfer Facility (TTF) TRNLTTFMc1	17.01	16.31	9.98	11.94	18.51
Japan-Korea Marker (JKM) JKMc1	16.52	16.58	12.53	12.24	18.12

LSEG U.S. GFS Heating, Cooling and Total Degree Days	Current Day	Prior Day	Prior Year	10-Year Norm	30-Year Norm
U.S. GFS Heating Degree Days (HDD)	3	2	3	3	3
U.S. GFS Cooling Degree Days (CDD)	228	233	219	213	203
U.S. GFS Total Degree Days (TDD)	231	235	222	216	206

U.S. Weekly GFS Supply and Demand Forecasts	Prior Week	Current Week	Next Week	This Week Last Year	Five-Year (2021-2025) Average for Month
U.S. Lower 48 Dry Production	109.7	111.1	111.0	107.6	101.4
U.S. Imports from Canada	7.5	7.4	7.0	N/A	8.2
Total U.S. Supply	117.2	118.5	118.0	N/A	109.6
U.S. LNG Export Feedgas	17.8	17.0	17.4	16.0	11.0
U.S. Power Plant	46.1	46.6	44.7	47.7	46.1
Total U.S. Demand	110.7	110.2	109.1	N/A	104.8

SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu)	Current Day	Prior Day	This Month Last Year	Prior Year Average 2025	Five-Year Average (2021-2025)
Henry Hub NG-W-HH-SNL	2.73	3.17	3.20	3.52	3.72
Transco Z6 New York NG-CG-NY-SNL	2.21	2.53	2.87	3.53	3.56
PG&E Citygate NG-CG-PGE-SNL	2.23	2.24	3.45	3.42	5.47
Eastern Gas (formerly Dominion South) NG-PCN-APP-SNL	2.10	2.39	2.61	2.79	2.96
Chicago Citygate NG-CG-CH-SNL	2.56	2.72	2.95	3.23	3.60
Algonquin Citygate NG-CG-BS-SNL	2.38	2.75	4.50	6.08	5.04
SoCal Citygate NG-SCL-CGT-SNL	3.05	2.90	3.70	3.60	5.71
Waha Hub NG-WAH-WTX-SNL	1.80	1.63	1.57	1.15	2.88
AECO NG-ASH-ALB-SNL	1.11	1.12	0.51	1.13	2.13

ICE U.S. Power Next-Day Prices ($ per megawatt-hour)	Current Day	Prior Day	This Month Last Year	Prior Year Average 2025	Five-Year Average (2021-2025)
New England E-NEPLMHP-IDX	62.00	73.19	89.06	77.12	61.67
PJM West E-PJWHRTP-IX	90.21	112.45	87.25	60.23	54.47
Mid-Columbia (Mid C) W-MIDCP-IDX	55.78	31.52	52.17	44.81	68.96
Palo Verde W-PVP-IDX	51.00	39.83	48.82	34.82	59.94
South Path-15 (SP-15) W-SP15-IDX	38.91	27.02	33.95	28.44	53.02