US natural gas futures extended gains towards the $8.0/MMBtu mark, recovering further from an almost three-month low of $6/MMBtu touched earlier this week, supported by falling output and greater demand for cooling as the weather turned hotter in the United States. Data provider Refinitiv said average gas output in the US dropped to 95.1 billion cubic feet per day (bcfd) in June from 95.2 bcfd in May. That compares with a monthly record of 96.1 bcfd in December 2021. Still, prices remain roughly 20% from their June peak of $9.7/MMBtu amid higher domestic supplies. The recent explosion at one of the biggest US liquefied natural gas export terminals in Texas is keeping an additional two bcf a day of natural gas in the US market despite soaring international demand, easing pressure from domestic prices. Freeport LNG said it doesn't expect the terminal to return to entire operations until late 2022, with partial production resuming perhaps in three months.
Historically, Natural gas reached an all time high of 15.78 in December of 2005. Natural gas - data, forecasts, historical chart - was last updated on June of 2022.
Natural gas is expected to trade at 6.58 USD/MMBtu by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 7.80 in 12 months time.