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US Bounces Off Lowest Since Early April

NATGAS

US Natgas holding steady after consistently falling since 8th June. Aug22 prices bounced slightly yesterday off the lowest since early April of 6.108$/mmbtu and today trading at 6.65$/mmbtu.

  • Lower 48 gas demand is holding steady near normal levels for the time of year with weather forecasts showing mixed temperatures. Above normal temperatures are expected in the South and Midwest but below normal on West coast and Northeast.
  • Deliveries to export terminals are marginally higher at 10.71bcf but are still missing the 2bcf of Freeport LNG volumes.
  • Dry gas production volumes continue above normal which should be creating excess domestic supplies to help fill storage from below normal levels.
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