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US Gas Higher on Domestic and LNG Demand

NATGAS

US Natgas trading up 5.0% to 7.79$/mmbtu as Russian supply issues increase export demand to Europe and high temperatures drive domestic demand.

  • Deliveries to US export terminals have increase to 11.19bcf today despite the outage of 2bcf/d from Freeport LNG. The monthly average is 12.24bcf/d.
  • High temperatures across the US are contributing to the price recovery following the fall due to the Freeport LNG extended outage. Domestic demand is high with increased power generation to cope with the air conditioning load.
  • Lower 48 demand has increased from approximately 65bcf/d last week up to 71.4bcf/d today.
  • Lower 48 dry gas production is 95.4bcf today compared to an average of 95.7bcf/d over the last week.
  • EIA are due to release the latest inventory data this afternoon with the expectation of a 90bcf build compared to a seasonal normal build of 93bcf for this time of year
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