June 24, 2022 13:38 GMT
US Natgas continues bearish trend: down 2.2% today to 6.1$/mmbtu
- EIA data yesterday showed gas inventories increased by 74bcf in line with seasonal normal changes and compared to an expectation of just 61bcf. Gas stocks are still on the lower side of the 5-year range and now at 2,169bcf versus an average of 2,460bcf.
- Deliveries to US LNG export terminals dip to 10.37bcf down from 10.75bcf earlier in the week. Before the Freeport outage deliveries were approximately 12.8bcf. The excess supply resulting from the lower LNG exports could help to fill storage towards normal levels in the coming weeks.
- Lower 48 dry gas production is down slightly to 95.2bcf but demand is also down a similar amount to 67.5bcf. Continued warm weather in the south is helping to keep demand above normal for the time of year. Pipeline exports to Mexico remain high and near the weekly average at 7.0bcf compared to a 5-year average of 5.5bcf.