The bears are out of their den: NYMEX dipped 17 more cents in the front month, the August 2025 contract settling at $3.08 US/mm. Cash prices are dropping as well. As US production stays on track to beat another monthly-output record, their LNG feed gas flows still lag somewhat. High at 15.7 Bcf/d, but not quite the 16 Bcf/d record April.

Estimates for tomorrow’s storage report is on the smaller side, an injection of about +33 Bcf. Some of the volume is offset by electricity demand, but keep in mind that storage is actually in a good position for this time of year since so much was injected early in the season. Unless LNG immediately ramps up or data centers make themselves known, there won’t be too much immediate pressure for gas, except for cooling demand.