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US Natgas Surges On Heat Wave

NATURAL GAS

US Henry Hub front month has risen sharply today amid an upward revision in temperatures to above the seasonal norm for most of the US, supporting demand for cooling.

  • US Natgas AUG 23 up 3.3% at 2.59$/mmbtu
  • The US production is relatively stable at 100.29bcf/d today according to Bloomberg having fallen from a high of 102.45bcf/d on 7 Jul.
  • Delivery flows to the US LNG export terminals are today at 12.07bcf/d, below the 30-day moving average of 12.23bcf/d, with a drop in supply to Sabine Pass LNG and Cameron LNG compared with yesterday’s flows at 12.59bcf/d according to Bloomberg.
  • Domestic demand has been trending higher the past week amid warm weather across the country boosting cooling demand taking lower 48 dry gas consumption up to 75.51bcf/d today, slightly lower than last week’s highs of 78.12bcf/d on 14 July according to Bloomberg. The latest weather forecast shows above normal for much of the country in the coming two weeks.
  • The Texan grid operator ERCOT said demand for power in Texas hit yet another record high on Monday, with usage at a preliminary 81,911 MW on Monday, which would top the current all-time high of 81,406 MW set on 13 July.
  • Export flows to Mexico have been come off from highs earlier this month of 7.49bcf/d on 6 July to 6.82bcf/d today.
Energy BulletsCommodities
Energy BulletsCommodities

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