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Natural gas futures have dropped more than 10% in July despite hot weather. Pressure comes from swelling domestic stockpiles and a maintenance shutdown at a large LNG export terminal in Texas.
Full storage and reduced LNG export pull remove demand that would normally absorb supply. Lower gas prices reduce feed-processing energy costs.
After 29 past bearish logistics events, NATGAS moved a median -9.8% over 5 sessions (21% higher; middle half -20.0% to -3.1%), and -16.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.