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US Natgas Regains Ground After Pull Back Yesterday

NATGAS

Henry Hub front month is regaining some ground after seeing a pull back yesterday against the recent rising trend. Front month has risen from a low of around 2.21$/mmbtu on 12 June to a peak at nearly 2.7$/mmbtu yesterday. Strong cooling demand is expected with warm weather across the US with extra support from lower US natural gas production while LNG exports are still curtailed.

    • US Natgas JUL 23 up 1.5% at 2.53$/mmbtu
  • The latest 6-14 day NOAA weather forecast is still showing above normal temperatures across much of the US with the warm weather spreading to include the west coast in the 8-14 day period. The far east coast is currently forecast to remain near normal throughout the two week forecast. Domestic demand is today holding just above normal at 66.6bcf/d according to Bloomberg.
  • Domestic US production is today estimated at 98.7bcf/d and in line with the output seen since 13 June according to Bloomberg compared to an average of 101.2bcf/d in May.
  • Delivery flows to the US LNG export terminals are relatively unchanged today at 10.9bcf/d with exports still curtailed by maintenance at the Sabine Pass LNG export terminal.
  • Export flows to Mexico are estimated above the five year range up at 7.0bcf/d.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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