US natural gas futures slip to six‑week low amid Freeport LNG maintenance

US natural gas futures fell about 4% on Thursday, reaching $3.07 per million British thermal units (mmBtu), the lowest close since May 27. The decline was driven by expectations that gas flows to LNG export plants will stay low through late August as Freeport LNG in Texas begins major maintenance on July 10, lasting until the end of the month.

A US Energy Information Administration report showed an unexpected 61 billion cubic feet (bcf) of gas added to storage for the week ended July 3, far above analysts’ forecasts. Production in the Lower 48 states slipped to roughly 109.7 bcfd in July, down from June, while warmer‑than‑normal weather through late July keeps demand for power generation high. About 40% of US electricity generation relies on gas‑fired plants. The first phase of the Sempra/TotalEnergies Costa Azul LNG plant in Mexico also shipped its inaugural cargo to Asia, adding to the market backdrop.