U.S. natural gas prices traded mostly sideways this week, with the now‑prompt September contract holding near $3 per MMBtu. Power generation demand hit its highest levels of the summer, briefly topping 50 Bcf per day, yet remains on pace for its first year‑over‑year decline since 2020 as high prices, renewables growth, and cooler early‑August weather weigh on consumption. Production has edged higher, with several recent days above 106 Bcf per day and rig counts ticking up, but growth remains modest. Storage saw a surprisingly large 48 Bcf build last week, widening the surplus to the five‑year average and narrowing the deficit to last year to its smallest since January.
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