July 26, 2022 12:12 GMT
US Natgas continues higher as European TTF prices surge on reducing supply from Russia.
- US Natgas AUG 22 up 3.1% at 9$/mmbtu
- TTF AUG 22 up 9.5% at 193.4€/MWh
- High domestic US demand due to above average temperatures across much of the country is adding the upward price pressure. The heat wave is showing up in both the 6-10 day and the 8-14 day weather forecasts. Dry gas demand is lower than last week but still well above normal with yesterday estimated as 75.3bcf/d.
- US dry gas production remains relatively unchanged above seasonal normal at 96.9bcf/d.
- Exports remain stable with flows to Mexico at 7bcf/d and deliveries to LNG export terminals at 11.1bcf/d.