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High Demand and Production Dip Lead US Recovery after Freeport Delay


US Natgas recovering ground after losing 0.8$/mmbtu on news that the restart of Freeport LNG will be delayed until November.

  • US Natgas SEP 22 up 1.9% at 9.37$/mmbtu
  • US Freeport LNG aims to start in earlier Nov and return 85% of production by late November and full operation by March. Operations were previously expected to resume in October following the fire in June.
  • The missing Freeport LNG export capacity has reduced US exports from around 13bcf before the outage at the current level around 11bcf.
  • Weather forecasts are showing a return to above normal temperatures for much of the US, especially on the West Coast. Lower 48 dry gas consumption is today estimated at 71.4bcf/d compared to a normal of around 67bcf/d for this time of year.
  • Dry gas production has dipped slightly since the start of the week to 97.5bcf/d today but remains well above the 5- year range.

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