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US Gas trades lower after stocks build and on higher production

NATGAS

US Natgas prices are 3.6% lower today at 8.00$/mmbtu

  • EIA weekly inventory data gave some respite to the bullish trend with a slightly larger storage build than expected and higher than the normal for the time of year. Lower 48 dry gas production is slightly higher at 95.1bcf after seeing a fall earlier this week.
  • Gas deliveries to US LNG export terminals up to 13.26bcf/d compared to the 30 day average of 12.22bcf/d according to Genscape and Bloomberg data. The increase mainly comes from higher deliveries to Cameron LNG terminal.
  • Weekly average US LNG exports show a slight fall during the month from 249k mt to 206k mt. The higher delivery to terminals suggests another pick back up in actual exports may be expected. Exports are still well above the 5-year average of 110k mt.
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