US natural gas futures fell to $3.07/MMBtu, the lowest since April 22, as weaker-than-expected summer heat and robust production kept downward pressure on prices throughout July. Weather forecasts pointed to less-intense heat across North America, reducing demand for cooling and thereby limiting gas consumption for power generation. At the same time, production remained strong, with output in the Lower 48 states averaging 107.2 billion cubic feet per day so far in July, surpassing June’s record of 106.4 bcfd. Inventories stood around 6% above the seasonal norm, reinforcing the view of an oversupplied market. On the export front, gas flows to the eight major US LNG export facilities rose to 15.8 bcfd in July as several terminals came back online from maintenance and outages.
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