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US Natgas Holding Steady Ahead of EIA Data

NATGAS

US Natgas holding steady ahead of the EIA inventory data release later today.

  • US Natgas SEP 22 up 0.4% at 9.37$/mmbtu
  • The data is expected to show a build of 55bcf after the smaller than expected 18bcf build last week and compared to an average build for this time of year of 48bcf.
  • Hot weather forecasts in the West are supporting demand while the squeeze of global gas market continues, on fears of further supply disruption to Europe.
  • High US dry gas production and news of the delayed restart of Freeport LNG have kept prices down since a peak at 10$/mmbtu on Tuesday.
  • US production was yesterday at 98.5bcf/d while domestic demand was high at 72.1bcf/d.
  • Deliveries to US LNG export terminals are still missing the extra 2bcf from Freeport LNG and holding steady around 11bcf/d. Exports to Mexico are estimated at 6.8bcf/d

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