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US Bouncing In Weekly Range With Record Production

NATGAS

US Natgas holding steady after trading in the 6.6$/mmbtu to 7.3$/mmbtu range all week.

    • US Natgas NOV 22 up 1.3% at 6.96$/mmbtu
  • Production has remained high despite a halt to production at some platforms in the Gulf of Mexico due to Hurricane Ian earlier this week. Lower 48 dry gas production reached a new record high of 101.73bcf/d yesterday according to Bloomberg data. Domestic demand was just above normal at 66.8bcf/d.
  • EIA inventories yesterday saw an above expected build of 103bcf due to high production and easing Autumn demand. Weather forecasts are suggesting mixed temperatures across the country throughout the next two weeks.
  • Gas deliveries to LNG export terminals remain strong considering the ongoing outage to Freeport LNG which is due to gradually return to operation during November. Deliveries are today estimated at 12.3bcf/d while export to Mexico at just slightly down at 6.6bcf/d.
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