NatGas Prices Edge Up Despite Ample Supply

US natural gas prices have edged up slightly to around $2.75 per MMBtu following the latest Energy Information Administration (EIA) report, which showed a smaller-than-expected increase in storage last week.

The EIA reported that energy firms added 28 billion cubic feet of gas in the week ended July 24, falling short of market expectations for a 35 bcf build.

Despite the modest rebound, prices remained near their lowest level since early May due to ample supply, with inventories staying 6.4% above the five-year seasonal average.

LNG export demand softened slightly, averaging 17.2 bcfd, down from 17.4 bcfd in June, partly due to scheduled maintenance at Freeport LNG's Texas facility.