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Strong Demand Pushing US Gas Higher Ahead of EIA Data

NATGAS

US natgas bouncing between 5.4$/mmbtu and 5.9$/mmbtu ahead of the updated EIA inventory data due out later today.

  • Aug 22 up 1.65% today to 5.6$/mmbtu
  • Above normal weather forecasts are pushing gas demand to above normal levels and supporting prices. Lower 48 dry gas demand is estimated at 70.6bcf today compared to a seasonal normal of approximately 67bcf.
  • Deliveries to LNG export terminals are relatively strong at 11.2bcf although still missing the 2bcf of gas that would have been delivered to Freeport LNG before the outage.
  • Gas production is slightly lower at 95.9bcf and strong exports to Mexico continue at approximately 7bcf.
  • EIA data due at 15:30BST is expected to show a build of 75bcf after the larger 82bcf build last week. The average build for this time of year is 74bcf with lower LNG exports potentially providing the opportunity to increase storage levels.
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