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US natural gas prices dropped more than 2% to around $2.66 per million British thermal units on Monday, hovering near three-month lows as robust production and comfortable inventory levels offset weather-driven demand. An EIA report showed energy firms injected 36 bcf of gas into storage in the week ended August 7, larger than expectations of a 31 bcf build and the five-year average increase of 33 bcf. Production in the Lower 48 states averaged a record 111.3 bcfd so far in August, up from 110.7 bcfd in July, keeping inventories above their five-year average since March. Adding to the downward pressure, gas flows to the nine major US LNG export facilities eased to 17.1 bcfd in August from 17.2 bcfd in July, reducing the volume of gas processed for export and leaving more supply available to the domestic market. However, hotter-than-normal weather is expected to persist through the end of August, likely prompting utilities to use more gas for power generation to meet cooling demand.
