US natural gas prices fell 2% to around $3.00 per MMBtu, hitting their lowest level in nearly three weeks, in line with broader declines across energy markets following a US–Iran peace agreement. Both sides confirmed they have reached a deal to end the conflict, with President Donald Trump announcing that Washington will lift its naval blockade of Iranian ports and that the Strait of Hormuz—a critical transit route for about one-fifth of global oil and LNG shipments—will reopen once the agreement is formally signed on Friday.
Additional downward pressure on prices came from robust domestic supply. US gas inventories have climbed to 2.686 trillion cubic feet, roughly 6% above the five-year seasonal average, underscoring a well-supplied market. Still, the downside may be contained by improving demand prospects, including a rebound in LNG exports and forecasts for stronger cooling demand as temperatures rise into early July.
