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Commodity Markets · Energy Prices · LNG Exports · Natural Gas
US natural gas prices dropped over 3% to $3.12 per MMBtu on Wednesday, ending a three-day winning streak as traders assessed softening LNG export activity and mixed supply-demand signals.
The price decline occurred despite expectations for above-normal temperatures through July 1, which typically boosts power generation demand for air conditioning. However, LNG export activity softened, with average gas deliveries to the nine major US LNG export terminals decreasing to 17.0 billion cubic feet per day in June due to seasonal maintenance at facilities including ExxonMobil and QatarEnergy’s Golden Pass project and Freeport LNG in Texas.
Domestic US Lower 48 gas production also edged lower to 109.3 bcfd in June from 109.7 bcfd in May, as reported by Trading Economics.
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