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US Gas Falling on Lower Exports Despite Domestic Demand

NATGAS

US gas trading down 2.5% to 7.27$/mmbtu with missing LNG export volumes weighing on prices.

  • Freeport has declared force majeure until the first week of September in line with their previous indication of a partial return in approximately 90 days. The full return is still not expected until later in the year.
  • Indications are that about a dozen LNG vessels are currently idling off the US Coast with no alternative cargoes yet found to pick up.
  • The extra 2bcf of gas that would have been sent for export via the terminal may now help to fill up the low levels of gas storage. EIA data released yesterday showed stocks at 2095bcf and nearly 14% below the 5-year average for the time of year.
  • Deliveries to LNG export terminals is estimated at 10.95bcf today compared to approximately 12.9bcf before the Freeport outage.
  • Hot weather continues to drive domestic demand on higher power generation due to air conditioning load. Lower 48 gas consumption is estimated up to 71.25bcf today compared to about 65bcf this time last week. Production is slightly lower today at 95bcf.
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