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US Natgas Production to Recover in The Next Days: Goldman Sachs

NATURAL GAS

US natural gas production disruptions due the ongoing winter storms have likely peaked on Tuesday or are peaking today due to a rapid warming of temperatures for the next days, Goldman Sachs said in a note.

  • Wood Mackenzie reported over 11bcf/d of freeze-offs due to forecasts for milder temperatures with a return to normal production expected for most areas within one week.
  • US gas production disruptions have so far reached over 33bcf, with the largest impacts from New Mexico, North Dakota, Montana, Texas, Oklahoma, Louisiana and the DJ Basin, accounting for around 30bcf of the total disruptions.
  • Total production disruptions for January are expected at around 70bcf.
  • Some reductions in output have been offset by lower feedgas deliveries to LNG facilities, which dipped by around 4bcf/d on Tuesday and today.
  • The bank maintain its $2.55/mmBtu Sum24 NYMEX gas price forecast.
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