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US Follows Surging Global Prices Higher

NATGAS

US Natgas trading higher as global gas prices surge on the back of concerns for Russian supply to Europe.

  • US Natgas SEP 22 up 4.8% at 9.78$/mmbtu
  • The Nord Stream pipeline from Russia to Europe is due to halt for planned maintenance for three days on Aug 31 with fears that flows will not resume following the outage.
  • Weather forecasts for US show a mixed picture with above normal temperatures expected on the East and West Coasts but below normal expected in the South. Today’s demand is unchanged from the weekend and estimated just above the seasonal normal at 70.45bcf/d.
  • US production remains strong with weekend output showing just below record levels at about 99.15bcf. Production has been gradually increasing in line with an increase in Baker Hughes rig counts. The rig count data increase has stalled in recent weeks with a fall of 1 to 159 reported in data last Friday.
  • Exports remain steady with pipeline export to Mexico at 6.7bcf/d and deliveries to LNG export terminals at 11.0bcf/d.
USEnergy BulletsCommodities
USEnergy BulletsCommodities

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