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US Drifts Lower with High Production Despite Signs of Cooler Weather

NATGAS

US Natgas is drifting back lower after rallying up to 4.12$/mmbtu yesterday.

    • US Natgas FEB 23 down -3.2% at 3.78$/mmbtu
  • The warm weather forecast is turning more mixed with the 6- 14 day NOAA forecasts showing near normal temperatures in the western US but above normal holding on in central and eastern areas. Domestic demand is today still estimated below normal at 91.0bcf/d.
  • High natural gas production is providing downside pressure to prices with output yesterday holding up near record levels at 102.1bcf/d.
  • Deliveries to US LNG exports terminals are today slightly down to 12.18bcf/d due to a small decline in flows to Sabine Pass. The potential return of Freeport LNG exports at the end of this month could add to price support.
  • Exports to Mexico are holding at the top of the five year range with today estimated at 6.48bcf/d.
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