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US Natgas Edges Up Supported by High Demand Amid Wider Market Concerns

NATGAS

US Natgas edging higher after trading to the lowest since 24 Feb at 2.33$/mmbtu earlier today with bearish financial market concerns weighing on prices but with support from above normal end of winter demand.

    • US Natgas APR 23 up 3.1% at 2.41$/mmbtu
  • The weather forecast shows temperatures still holding onto below normal temperatures in western areas but with above normal now expected in eastern and Gulf Coast regions in the 6-14 day period. Lower 48 dry gas consumption has been holding above normal since 6 March with today estimated at 89.7bcf/d compared to the seasonal average of 76.6bcf/d.
  • Pipeline natural gas deliveries to the US LNG export terminals are steady at 13.35bcf/d with supply to Freeport LNG estimated at 0.8bcf/d today according to Bloomberg.
  • US production was back over 100bcf/d over the weekend at 100.3bcf/d. The Baker Hughes gas rig count unexpectedly rose back up to 162 according to data released on Friday to reverse much of the decline seen since September.
  • Exports to Mexico are also unchanged at 5.8bcf/d.

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