From Barchart, Wednesday July 17:
August Nymex natural gas (NGQ24) on Wednesday closed down by -0.153 (-6.99%).
Aug nat-gas prices Wednesday plummeted to a 2-1/2 month low and closed sharply lower. A glut of US nat-ga supplies continues to undercut prices, with nat-gas inventories +18.7% above their 5-year seasonal average as of July 5. Also, an outage at the Freeport liquified natural gas terminal has reduced US gas exports and boosted already bloated inventories. The Freeport LNG terminal slowly began to restart after Hurricane Beryl damaged part of the plant. The Freeport LNG plant is one of the largest in the US and can liquefy as much as 2% of US daily gas production.
Lower-48 state dry gas production Wednesday was 100.8 bcf/day (+0.3% y/y), according to BNEF. Lower-48 state gas demand Wednesday was 79.7 bcf/day (+3.0% y/y), according to BNEF. LNG net flows to US LNG export terminals Wednesday were 10.6 bcf/day (-6.2% w/w), according to BNEF.
An increase in US electricity output is positive for nat-gas demand from utility providers. The Edison Electric Institute reported Wednesday that total US electricity output in the week ended July 13 rose +2.5% y/y to 97,089 GWh (gigawatt hours), and US electricity output in the 52-week period ending July 13 rose +2.13% y/y to 4,149,112 GWh....
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In electronic trade the futures have regained a few cents, 2.077 last, down 0.129 (-5.85%).
The constant contract low was 1.5220 on February 20.
