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US Price Drops With EIA Stock Build Expectation


US Natgas pulls back with expectation of an above normal build in EIA inventory data later today.

    • US Natgas DEC 22 down -4% at 6.02$/mmbtu
  • The expectation is for EIA to show a build of 99bcf after a week of below normal consumption and curtailed LNG exports. Last week saw a build of +52bcf and the 5-year average for this time of year is +64bcf. Total US stocks were last week still 4.6% below normal despite the general trend of above normal builds since August.
  • Deliveries to LNG export terminals are again lower today at 11.23bcf/d due to a fall in flows to Sabine Pass. Sabine Pass LNG is seeing reduced supplies due to maintenance work at Kinder Morgan’s NGPL pipeline according to an operator notice.
  • The US weather forecast is showing below normal temperatures in the West and above normal in the East but are trending back closer to normal for the middle of the month. Lower 48 dry gas demand is today below the seasonal normal at around 67.4bcf/d.
  • US production is was yesterday at 100.5bcf/d and exports to Mexico were at 6.1bcf/d.

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