September 27, 2022 11:42 GMT
US Natgas rallies with the arrival of hurricane Ian into the Gulf of Mexico and strong LNG exports.
- US Natgas OCT 22 up 2% at 7.04$/mmbtu
- BP and Chevron shut offshore production and is evacuating personnel from Na Kika, Thunder Horse, Petronius and Blind Faith platforms. The combined output from the platforms is 840mmcf/d. The hurricane is due to reach landfall in Florida on Friday and is not a threat to central Gulf of Mexico rigs.
- US production was 101bcf/d yesterday and demand near normal at 65.5bcf/d with warm weather expected in the west and near normal in the east.
- Strong export demand is also supporting prices with deliveries to LNG export terminals up at 12.15bcf/.d and exports to Mexico at 6.8bcf/d.