VOL. 1, NO. 28 | WEEK ENDING JULY 12, 2026
FAST FACT
EXECUTIVE SUMMARY
CHARLESTON, W.Va. — U.S. natural gas traders spent the week ending July 12 getting whipsawed between two stories that have nothing to do with each other and everything to do with the price. At home, the domestic market is drowning in supply. Storage padded on another 61 Bcf for the week ending July 3, a build that blew past both the five-year average and the Reuters survey consensus, pushing the five-year surplus out to 185 Bcf and dragging Henry Hub down to $3.01/MMBtu on Thursday — a six-week low. Lower 48 dry gas output, while off its December record, is still running north of 109 Bcf/d, and Freeport LNG chose this exact moment to take two of its three liquefaction trains offline for a maintenance turnaround that runs into late August, pulling roughly 700 MMcf/d of feedgas demand off the table just as summer cooling season hits its stride.
