August 18, 2022 12:09 GMT
US Natgas following global gas markets higher ahead of EIA stock data later
- US Natgas SEP 22 up 1.8% at 9.42$/mmbtu
- Robust domestic and overseas demand and low stock levels are supporting prices while strong US production has dipped slightly this week.
- EIA weekly gas inventories were still 11% below the 5-year average on data last week. Expectation is for a build of 31bcf following a build of 44bcf last week and compared to a seasonal normal build of 48bcf for this time of year.
- US Production is today estimated at 97.7bcf/d while demand is relatively unchanged from yesterday at 69.9bcf/d.
- Deliveries to US LNG export terminals are strong at 11.27bcf/d considering the ongoing outage of Freeport LNG and exports to Mexico are up at 7.2bcf/d.