Throughout much of the summer, the overall takeaway surrounding the natural gas space was the easy availability of molecules, with storage caverns showing large balance surpluses relative to previous years. On top of that, certain demand components didn’t help the oversupply issues over the course of Q3 thanks to hiccups in LNG nominations, especially at Freeport, which has been a frequent source of demand disruptions. As a result, the market saw the summer continue the pattern of low prices, with Henry Hub cash declining by 38 cents from June to July then again in August to sit at $1.96 on average for the month—61 cents lower than August the previous year in 2023 and a far cry from the $8.79 prices seen back in 2022. The low prices also continued the theme of strong power burns, as the price incentive—combined with nowhere else for the gas molecules to go with the storage facilities filling up—left the remaining option burning the gas for power generation. The summer also saw production cut from 100.5 BCF at the end of July to as low as 97 BCF in late August
Figure 1. Henry Hub Cash Price
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