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Strong Production Driving US Natgas Lower

NATGAS

US Natgas continues to drop following the averted rail strike earlier in the week. Strong production and a larger than expected build in weekly EIA stocks in data yesterday have added to the downside pressure.

    • US Natgas OCT 22 down -1.8% at 8.17$/mmbtu
  • US production remains near 100bcf/d after reaching a new high of 101bcf/d on Sep 12. The increasing trend in production is following the rise in rig counts. The updated Baker Hughes data is due for release later today.
  • The US weather forecasts continue to show a mixed outlook but with temperatures still generally expected above normal. Lower 48 dry gas demand is today estimated at 66.15bcf/d.
  • Deliveries to LNG export terminals are still strong at 11.7bcf/d with Mexico flows at 6.7vcf/d yesterday.
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