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US Natgas Extends Decline on Healthy Supply and Steady Demand

NATGAS

US Natgas continues to drift lower as high production, healthy storage, and limited exports weigh on prices.

    • US Natgas FEB 23 down -1.8% at 3.22$/mmbtu
  • The EIA weekly gas inventories for the week ending 13 Jan release yesterday showed a -82bcf draw just below expectation but much higher than the 5-year average for this time of year of -142bcf.
  • The latest NOAA weather forecast shows a mixed picture with below normal in the east and central areas, but the west is holding onto near normal temperatures. Domestic demand is today up to 93.3bcf/d but remains below the seasonal five year average of around 99bcf/d.
  • Lower 48 dry gas production has dipped very slightly but is still well above normal at 101.2bcf/d compared to 95bcf/d this time last year. A record 102.27bcf/d was reached on 11 Jan.
  • Deliveries to US LNG export terminals are today estimated up to 12.8bcf/d but are still missing the approximate 2bcf/d from the extended Freeport LNG outage. Exports to Mexico are steady at 6.6bcf/d.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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