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Gas burn for power hit seasonal highs but came in well below year-ago levels, padding gas inventories amid LNG export terminal maintenance and dragging price lower.
Monday 7/13
August natural gas futures fell $0.043 from the prior week’s close to settle at $2.897 per MMBtu, a two-month low, as stronger U.S. production and softer LNG export flows pressured prices. August WTI crude oil futures surged $6.73 to settle at $78.14 per barrel, a roughly 9% jump, after President Trump moved to reinstate a naval blockade on Iran amid the Strait of Hormuz standoff. Equity markets finished lower as the oil-price spike and renewed Middle East tensions weighed on sentiment.
Tuesday 7/14
Natural gas futures edged up $0.007 from Monday’s settle to close at $2.904 per MMBtu, consolidating just above the prior session’s two-month low. August WTI crude oil futures advanced $1.20 to close at $79.34 per barrel as U.S.-Iran hostilities and tanker attacks kept a supply-risk premium in the market. Equity markets finished higher, led by a rebound in semiconductor and technology shares after June CPI came in cooler than expected.
Wednesday 7/15
Natural gas futures rose $0.020 from Tuesday’s settle to close at $2.924 per MMBtu as weather forecasts shifted hotter, lifting expected cooling demand. August WTI crude oil futures added $0.26 to settle at $79.60 per barrel as heightened Hormuz tensions outweighed a bearish weekly EIA inventory report. Equity markets closed higher, with mega cap technology stocks leading gains as Apple hit a new all-time high.
Thursday 7/16
Natural gas futures dropped $0.066 from Wednesday’s settle to close at $2.858 per MMBtu, a fresh two-month low, after the weekly EIA report showed a larger-than-expected storage build that reinforced ample supply. August WTI crude oil futures gave up early gains to settle $0.65 lower at $78.95 per barrel. Equity markets finished lower as a technology and semiconductor sell-off overshadowed a round of solid earnings reports.
Friday 7/17
Natural gas futures rebounded $0.053 from Thursday’s settle to close at $2.911 per MMBtu, supported by a sharp rally in European natural gas prices. August WTI crude oil futures jumped $3.54 to settle at $82.49 per barrel, their highest since mid-June, after Iran struck a Kuwaiti power and desalination facility, intensifying supply-disruption fears. Equity markets fell broadly amid a deepening global chip sell-off, though energy shares gained as oil climbed.
Looking Ahead
El Nino is set to limit both hurricane activity this season as well as heating demand in the coming winter.
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