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Strong US Production Offsets LNG Export Demand

NATGAS

US Natgas slightly lower today despite support from surging European gas prices and Gulf of Mexico production outages.

    • US Natgas OCT 22 down -1.4% at 6.56$/mmbtu
  • Hurricane Ian had resulted in a combined output outage of 840mmcf/d but the production should resume as the storm moves away towards Florida.
  • European gas had surged 13% since yesterday morning on reports of damage to both Nord Stream pipelines due to suspected sabotage and concerns for Russian supplies through Ukraine.
  • Demand for US LNG remains high as Europe continue to look for alternatives to Russian gas. Deliveries to US LNG exports terminals are today up at 12.2bcf/d.
  • Offsetting the upside pressures is the ongoing high domestic production despite the hurricane disruption. Estimates for today are just slightly down at 100.5bcf/d.
  • Domestic demand is holding just above normal at 66.2bcf/d with temperatures still mixed for the coming two week forecast period although favouring above normal in the West and Midwest.
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