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US Natgas up on Higher Demand

NATGAS

US Natgas up 4.95% to 8.55$/mmbtu on higher domestic demand

  • An increase in power generation demand due to drought and heat in the South and West are driving prices higher. US gas dipped to 8.15$/mmbtu yesterday having fallen back from a peak at 9.38$/mmbtu a week ago.
  • Export demand stays strong with Europe requiring continued LNG supply to replace Russia gas and help fill storage ahead of next winter. Deliveries to LNG export terminals is 12.66bcf today compared to an average of 12.92bcf over the last week.
  • Lower 48 dry gas production at 96.6bcf/d and lower 48 demand at 62.6bcf/d.

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