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US Gas Drifting Ahead of EIA Data

NATGAS

US gas continues to bounce between 6.6$/mmbtu and 6.9$/mmbtu this week. Prices fell sharply over the previous week with the extended outage of Freeport LNG creating a surplus due to reduced exports.

  • Jul22 Natgas down 1.6% on the day to 6.75$/mmbtu
  • Deliveries to US LNG export terminals have remained largely unchanged all week. Today is estimated at 10.62bcf.
  • Weather forecasts have once again shifted warmer for the south and west raising the potential for an increase in domestic demand. Demand is currently back within the 5 year range at 66.4bcf after recent hot weather pushed it up as high as 73.16bcf.
  • Lower 48 dry gas production has also been relatively unchanged all week around 96bcf.
  • EIA data this after noon is expected to show a build of 61bcf compared to a seasonal normal build of 73bcf and a build of 92bcf last week.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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