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US Natgas Rallies From Low As Colder Weather Spreads Across US

NATGAS

US Natgas rallies from the lowest since Jun 2021 at 3.426$/mmbtu on Friday as the weather forecast across much of the US turns to below normal during the two week forecast period.

    • US Natgas FEB 23 up 5.5% at 3.61$/mmbtu
  • Above normal temperatures are however still expected to remain on the east coast. Domestic demand is today estimated at 87.75bcf/d compared to the seasonal average of around 100bcf/d. US consumption has been below normal since the end of the severe cold spell on 28 Dec.
  • High natural gas production levels and limited LNG export capacity have added to the recent downside pressure with storage levels holding around average levels for the time of year.
  • Lower 48 dry gas production was still high over the weekend at about 102bcf/d.
  • Deliveries to LNG export terminals are today expected to remain steady at around 12.5bcf/d although exports are still limited by the ongoing delayed return of the Freeport LNG facility.
  • Natural gas exports to Mexico were relatively stable over the weekend at about 6.6bcf/d.
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