US natural gas futures fell below $3.20 per MMBtu, pressured by ample domestic supply, weaker oil prices, and shifting weather patterns. Data from the Energy Information Administration showed that energy firms injected a larger-than-expected 87 billion cubic feet of gas into storage for the week ending June 26, keeping inventories about 6.2% above the five-year average.
Looking ahead, meteorologists forecast warmer-than-normal temperatures through mid-July. At the same time, June gas production in the Lower 48 states averaged a robust 110 billion cubic feet per day, close to record levels, while average flows to major liquefied natural gas export terminals held at 17.3 billion cubic feet per day.
Adding further pressure, crude oil prices retreated to prewar levels after diplomatic progress between the US and Iran over navigation in the Strait of Hormuz, weighing on sentiment across the broader energy complex.
