MarketPR
September natural gas futures are in focus at approximately $2.80/MMBtu, sitting in a defined range as participants await a catalyst capable of shifting the current balance.
The tape is holding two opposing forces at once: warmer-than-average temperatures lifting cooling demand across the Southern United States, and elevated domestic production that continues to outpace year-ago levels.
Supply running ahead of last year Gas output across the Lower-48 states is tracking near 112 billion cubic feet per day, a 2.3% increase compared to the prior year.
That production gain is the primary weight on the setup. The market needs demand growth large enough to absorb the additional supply before the September contract can find a sustained directional move.
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