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Overseas Demand Feeding Bull Rally

NATGAS

EIA data shows overseas demand increases are feeding the US gas bull rally. US Natgas up 2.5% to 9.525$/mmbtu

  • Strong domestic and overseas demand continue to underpin the bull rally with production struggling to keep up. EIA reports that US LNG exports were 18% higher in Jan to Apr this year compared to the average last year with the extra going to Europe. US sent 74% of its LNG to Europe in Jan-Apr compared to an average of just 34% last year. Exports to Asia have decline by 51%.
  • Above normal temperatures continue to add to domestic demand this week as power generation steps up to cover increased air conditioning use.
  • Lower 48 dry gas production is at 95.4bcf/d with demand at 63.3bcf/d. Net flows to US LNG export terminals is higher today at 12.97bcf/d.
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