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Israel-Iran Strikes, Looming Heat Boost Natural Gas Futures as Spot Prices Collapse

Natural Gas Intelligence · last updated

July natural gas futures ended a four-day skid on Friday as escalating conflict in the Middle East roiled markets and late June forecasts remained steamy for the Lower 48.

Line graph comparing daily Henry Hub natural gas spot prices (in $/MMBtu) and US LNG feed gas pipeline deliveries (in Bcf/d) from early September 2024 through early June 2025. The graph shows a steady decline in Henry Hub prices over time, with brief price spikes in mid-January and mid-March 2025, while LNG feed gas deliveries remain high and relatively stable until a noticeable drop in late May 2025. Data sources include NGI’s Daily Gas Price Index, Wood Mackenzie, and Pipeline EBBs.

At A Glance:

  • Global gas prices jump as Middle East on alert
  • Prompt month down on the week
  • Cash weakness persists