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High LNG Export Demand Offset by Strong Production

NATGAS

US Natgas back to flat on the day with high LNG export demand, a shift towards above normal temperatures in the two week forecast and production returning after hurricane Ian.

    • US Natgas NOV 22 down -0.2% at 6.94$/mmbtu
  • The updated EIA inventory data is due for release this afternoon with the expectation is for another strong build of 95bcf on the back of high production. The 5-year average for this time of year is +70bcf.
  • US Gulf of Mexico saw 1% of US production offline due to Hurricane Ian although BP yesterday said it will restart its platform as the hurricane has moved away over Florida. It is unclear yet if there was any damage to gas and power infrastructure in Florida. US production is today estimated at 100.4bcf/d.
  • US temperatures across much of the country are forecast above normal in the coming two weeks except for normal temperatures expected on the East Coast. Lower 48 dry gas demand is steady with yesterday estimated at 66.4bcf/d.
  • Deliveries to US LNG export terminals are high at 12.25bcf/d while exports to Mexico were up at 6.9bcf/d yesterday.
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