High temperatures boost cooling demand, causing US natural gas prices to rebound from a two-month low

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智通财经2026/07/24 17:26

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US natural gas futures have rebounded above $2.95 per million British thermal units, continuing the recovery from a two-month low. This is mainly driven by weather forecasts indicating that temperatures will generally be above normal through August 7, boosting expectations for increased cooling demand.
High temperatures are expected to drive up natural gas consumption for power generation, as increased air conditioning usage seasonally raises the power sector's demand for gas. This has become a core short-term support factor for prices.
However, abundant supply is limiting the room for further rebound. Data from the Energy Information Administration shows that as of July 17, inventories were 6.4% higher than the five-year seasonal average. Production in the Lower 48 states has averaged about 11.04 billion cubic feet per day so far this month, slightly higher than June levels.
LNG export demand has slowed somewhat, with flows through major export terminals averaging about 17.4 billion cubic feet per day this month, slightly below June levels, partly due to scheduled maintenance at the Freeport, Texas facility.
Meanwhile, Tropical Storm Beryl is being closely watched. If its path impacts the Gulf Coast, it could disrupt LNG export operations, posing a potential short-term supply-side uncertainty, and the market will be monitoring its development closely.

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High temperatures boost cooling demand, causing US natural gas prices to rebound from a two-month low

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