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US gas lower by still in bull trend

NATGAS

US Natgas following wider market selloff and down 2.7% to 8.144$/mmbtu but still holding the bull trend

  • Domestic and export demand are both still strong. LNG exports consistent at the high of the 5-year average range at 200k mt compared to an average of 100k mt for this time of year.
  • Domestic dry gas production has fallen from 96bcf to 94.04bcf over the last week as production is struggling to keep up with demand.
  • The EIA weekly stock data is due for release at 15:30 BST this afternoon. Market expectation is for a build of 88bcf which is up from a rise of 76bcf last week but about average for the time of year.
  • Inventories are approximately 350bcf below average so even larger builds would likely be required to change the bull trend of the US gas market.
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