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US Natgas Storage Surplus to Continue Narrowing in July: Platts

NATGAS
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Platts analysts expect the US gas storage surplus to continue narrowing through at least mid-July as exceptionally hot weather persists in the lower 48 states, Platts said.

  • Hot weather, strong power burn demand, and the narrowing domestic inventory surplus have helped to add some support to natural gas prices.
  • The US natural gas storage surplus to the five-year average fell for a seventh consecutive week in late June, falling to 528 bcf in the most recent report June 27.
  • The US storage surplus has been falling since mid-March after reaching an annual high of 680 bcf.
  • The narrowing surplus is largely due to output cuts made by producers this Spring, coupled with strong gas-fired demand.

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Platts analysts expect the US gas storage surplus to continue narrowing through at least mid-July as exceptionally hot weather persists in the lower 48 states, Platts said.

  • Hot weather, strong power burn demand, and the narrowing domestic inventory surplus have helped to add some support to natural gas prices.
  • The US natural gas storage surplus to the five-year average fell for a seventh consecutive week in late June, falling to 528 bcf in the most recent report June 27.
  • The US storage surplus has been falling since mid-March after reaching an annual high of 680 bcf.
  • The narrowing surplus is largely due to output cuts made by producers this Spring, coupled with strong gas-fired demand.

Keep reading...Show less