Key Highlights

• Quarterly Gains Intact: Natural gas remains up approximately 10% for Q2 2026 despite the recent monthly pullback driven by cooling weather forecasts.

• Export Demand as a Price Floor: Record LNG export flows of 17.3 Bcf/day from Gulf Coast terminals are helping support prices even as domestic demand softens seasonally.

• Stable Supply Backdrop: Lower 48 production holding steady at 109.7 Bcf/day suggests the market is well-supplied without signs of meaningful supply tightness.

Despite a more-than-3% monthly drop in late June, US natural gas prices remain up roughly 10% for Q2 2026, reflecting underlying strength that the recent cooling-weather pullback has not erased heading into the third quarter.

Prices fell to $3.17 per MMBtu after touching a three-week high of $3.30 on June 25, as forecasts for milder temperatures reduced expected air-conditioning and power-sector gas demand across major US consumption regions.

Analysts tracking the quarterly trend note that steady Lower 48 production at 109.7 billion cubic feet per day, alongside record LNG export flows of 17.3 billion cubic feet per day from Gulf Coast terminals, continues to provide a price floor even during periods of short-term demand softness.

The Golden Pass facility in Texas has been a key contributor to the export-side strength, helping offset the seasonal demand pullback that typically accompanies cooler-than-expected summer weather forecasts in major gas-consuming regions.

For utility companies and gas-weighted producers such as EQT Corporation (NYSE: EQT) and Coterra Energy (NYSE: CTRA), the combination of resilient quarterly pricing and growing structural export demand suggests a constructive medium-term backdrop even amid near-term weather-driven volatility.

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