LNG Export Swings, Not Summer Heat, Now Set U.S. Gas Prices

U.S. natural gas futures have shifted from tracking consumption to pivoting on LNG export plant cycles. A four-month low in feedgas flows on June 2, driven by maintenance outages, proved weightier than weather-driven demand forecasts days later. The May surge—driven by rising LNG exports—and June's reversal happened within weeks, confirming export volatility, not domestic heating or cooling, now dominates near-term price moves.