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US Natgas Steady After Decline Following EIA Data Yesterday

NATGAS

US front month Henry Hub is drifting lower today after seeing a partial recovery late yesterday following a fall to the low of the week at 2.55$/mmbtu in response to the updated EIA storage data.

    • US Natgas SEP 23 down -0.2% at 2.59$/mmbtu
  • The latest EIA weekly gas inventories continue to show a significant surplus with total stocks at 2,987bcf compared to the average of 2,630bcf. The data for the week ending 21 July released yesterday showed a build just above expectation at +16bcf compared to the 5-year average for this time of year of +32bcf.
  • Feedgas to the US LNG export terminals have recovered today up to 12.75bcf/d according to Bloomberg data with higher supply to Sabine Pass and Freeport after a fall just below 12bcf/d yesterday. Flows to Cove Point LNG are however still down by over 0.2bcf/d after an explosion on July 25 shut down part of the Columbia gas transmission pipeline.
  • Domestic natural gas consumption is slightly down at 77.7bcf/d from a peak earlier this week but remains above the previous five year average for the time of year. The updated US weather forecast has again cooled slightly from yesterday especially in northern areas. Much of the northern half of the country is now expecting below normal temperatures in the 8-14 day period but above normal is holding on in the south, Gulf Coast and West Coast.
  • US production was yesterday at 101.4bcf/d and in line with the July average so far after dipping slightly lower on 25 July.
  • Export flows to Mexico remain above normal at 6.8bcf/d today.
Energy BulletsCommoditiesUS
Energy BulletsCommoditiesUS

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