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Prices High as Hot Weather Drives Cooling Demand

NATGAS

Hot weather forecasts across much of the US support the US Natgas price with heat advisories in effect for California and the Southwest.

    • US Natgas OCT 22 up 2.1% at 8.97$/mmbtu
  • Lower 48 dry gas demand has dipped slightly over the weekend to 70.8bcf/d yesterday but the strong cooling demand is likely to maintain consumption above the 5-year average of about 63bcf/d for the time of year.
  • The estimated dry gas production set another new record high over the weekend up to 100.9bcf/d. Baker Hughes rig count data released on Friday showed an increase in gas rigs to 162 after a stabilization between 158 and 160 in recent weeks.
  • Strong overseas demand is driving high LNG exports despite the ongoing Freeport LNG outage with deliveries to terminals today showing up to 11.6bcf/d while supply to Mexico is stable at 6.7bcf/d.
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