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US Natgas Extends Decline After EIA Stock Build Yesterday

NATGAS

US Natgas extends the weekly decline after another big build in US natural gas stockpiles according to the EIA weekly data released yesterday.

    • US Natgas NOV 22 down -1.3% at 6.65$/mmbtu
  • Data showed an above normal build of +125bcf in gas inventories bringing the total to 3,231bcf and now just 5.4% below the five-year average level compared to as much as 12% below in mid August.
  • US lower 48 dry gas production has dipped slightly down to 100.8bcf/d yesterday but remains well above last year’s levels of around 96bcf/d.
  • The weather forecast shows colder temperatures are expected in the East in the 6-10 day period although returns back towards normal in the last week of the month. Domestic demand is estimated at 68.2bcf/d for today.
  • Deliveries to LNG export terminals at relatively unchanged at 11.1bcf/d and exports to Mexico are around 6.5bcf/d. Deliveries to Cove Point and Freeport are still shut off due to outages.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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