US natural gas prices fall more than 10%

US natural gas futures fell more than 10% and fell below $2.1/mmBTU this week, influenced by mild weather forecasts and reduced gas supply to LNG export facilities.

The amount of gas supplied to US LNG export facilities fell from 12.8 bcfd in June to 11.6 bcfd by July. This is mainly due to the suspension of Freeport LNG operations and cuts at Chenier Energy's Corpus Christi plant.

Freeport LNG stopped operations due to Hurricane Beryl, and shipments were delayed 7 to 10 times.

One processing unit will be restarted by the end of this week, and the other processing devices will drop their capacity and be restarted.

Furthermore, the EIA reported that US power companies added 10 billion cubic feet (Bcf) of gas to their stockpiles last week, but this was lower than the expected increase of 28 Bcf, and the total amount of reserves was 3,209 Bcc, 16.9% above the 5-year average.

According to the weather forecast, it is expected that almost normal weather will continue until 7/24 in the lower 48 states, and then the temperature will be higher than normal until 8/1.