Record July Heat Leaves U.S. Henry Hub Gas Prices Averaging $2.93 From June Through August
AI Market Summary
Despite record July heat, U.S. Henry Hub prices averaged $2.93/MMBtu (down 6% YoY) as robust supply and renewables growth capped gas burn. Dry gas output rose ~2% (+2.7 Bcf/d), storage started the injection season above the five-year average and injections stayed strong, while LNG terminal maintenance tempered export demand. The setup signals a well-supplied market into end-October inventories projected above seasonal norms.
Impact level
● Medium
Affected assets
NCCO7241NATGAS2USD/USDT-1.13%
AI Insight · NCCO7241NATGAS2USD/USDTAI Insight
▼ Bearish
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Despite July setting a record for heat, U.S. natural gas prices fell 6% year over year from June through August, with Henry Hub averaging $2.93 per million British thermal units. Over the same period, dry gas output rose by 2.7 billion cubic feet per day, while solar generation increased by 19.4 billion kilowatthours and wind by 9.3 BkWh. Inventories were 4% above the five-year average. Rapid growth in renewables and ample supply outweighed the demand boost from hotter weather.
