August Nymex natural gas (NGQ24) on Wednesday closed down by -0.153 (-6.99%).
Aug nat-gas prices Wednesday plummeted to a 2-1/2 month low and closed sharply lower. A glut of US nat-ga supplies continues to undercut prices, with nat-gas inventories +18.7% above their 5-year seasonal average as of July 5. Also, an outage at the Freeport liquified natural gas terminal has reduced US gas exports and boosted already bloated inventories. The Freeport LNG terminal slowly began to restart after Hurricane Beryl damaged part of the plant. The Freeport LNG plant is one of the largest in the US and can liquefy as much as 2% of US daily gas production.
