Natural Gas U.S. Prices

Natural gas U.S. prices averaged USD 3.31 per MMBtu in July, down 10.0% from June. On 31 July, the commodity traded at USD 3.11 per MMBtu, down 10.1% from 30 June.

Prices plunged to an eight-month low in July as the U.S.-brokered ceasefire between Iran and Israel held. The conflict had threatened to close the Strait of Hormuz, a key chokepoint for Qatari LNG exports. Moreover, since 16 May, U.S. gas inventory builds have exceeded expectations by 4.2%, and by over 30% in 18–25 July—the latest week for which data is available. In that week, inventories were 6.7% above the five-year seasonal average. This was largely due to record gas production in the U.S.