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NATGAS
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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