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US Drifts Lower on Strong Production, Easing Demand and EU Pullback


US Natgas pulling back as the west coast hot weather eases and as global gas prices follow the European gas correction lower.

  • US Natgas OCT 22 down -2.4% at 8.58$/mmbtu
  • TTF OCT 22 down -10.5% at 220€/MWh
  • Near normal temperatures are now forecast for the US west coast in the 8-14 day forecast although much of the US is still showing above normal. US gas demand has fallen back to around 70bcf/d from a recent high of 74bcf/d last week.
  • US production is trending higher and remains strong with estimates just above 100bcf/d over the last few days.
  • Deliveries to LNG exports terminals are also high at 11.6bcf/d yesterday with flows to Mexico steady at 6.7bcf/d.

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