NG Futures
US natural gas futures increased to over $1.8/MMBtu due to expectations of higher demand this week and ongoing reductions in gas production. Gas prices fell to their lowest levels in over three years earlier this year, prompting drilling companies to cut back on operations, particularly in areas like the Haynesville shale basin. The Haynesville shale saw a decrease in active drilling rigs, with only 34 rigs currently operating, the lowest since August 2020. Additionally, electric grids across the US are preparing for a total solar eclipse, which will temporarily reduce solar power generation and increase the need for gas-powered electricity.