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High Demand and Low Stocks Maintain US Strength


US Natgas extends gains after EIA data showed gas storage still well below normal despite an above expected stock build of 60bcf yesterday.

  • US Natgas SEP 22 up 1.6% at 9.53$/mmbtu
  • Weather forecasts have turned more mixed but remain hot in the West keeping domestic demand high with an estimation of 72.1bcf/d today.
  • Lower 48 dry gas production is once again testing near record levels at 99.1bcf/d today as output gradually increases.
  • A squeeze on global gas prices is maintaining strong overseas demand with deliveries to US LNG export terminals at 11.28bcfd yesterday. The return of Freeport LNG later this year could add an extra 1.75bcf to LNG exports with an aim for a return of 85% of capacity by the end of November.

Source: Bloomberg

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