US natural gas prices fell below $2.90 per MMBtu on Wednesday, a two‑month low, diverging from gains in other global benchmarks as abundant domestic supply helped insulate the US market from export disruptions linked to Middle East tensions. Scheduled maintenance at Freeport LNG’s export facility in Texas has curtailed export-ready gas flows and increased volumes available for domestic consumption, with the plant not expected to return to service until late August.
Additional downward pressure on prices came from higher output: average gas production in the Lower 48 states has risen to 110.2 billion cubic feet per day so far in July, up from 110.0 billion cubic feet per day in June. At the same time, US solar and wind generation climbed to near-record levels in July, displacing some gas-fired power generation.
This robust US supply picture contrasts with constrained LNG flows to major European and Asian buyers, as Iran and the US have resumed efforts to block tankers from leaving the Persian Gulf.
