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US Gas Holding Steady Ahead of EIA Stock Data

NATGAS

US Natgas steady with high production offsetting mixed weather forecasts ahead of the latest EIA inventory data later today.

  • US Natgas OCT 22 up 0.3% at 7.86$/mmbtu
  • Expectation is for stocks to build by +55bcf this week compared to +61bcf last week and the 5-year average for this time of year of +53bcf. Total gas inventories are still 11% below normal for the time of year.
  • The US West Coast is forecast to see milder temperatures in the 8-14 day forecast but hot temperatures will remain over most the of rest of the country. Current lower 48 dry gas demand is at 69.3bcf/d compared to the normal level nearer 63bcf/d.
  • US production has been over 100bcf/d all week after reaching a record 101bcf/d on Sep 3.
  • Deliveries to LNG export terminals and exports to Mexico are both stable at 11.0bcf/d and 6.7bcf/d respectively.

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