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US Production Increase Feeds Price Correction

NATGAS

US Natgas trading lower as US production increases after seeing a dip at the start of the week.

  • US Natgas SEP 22 down -2.3% at 8.98$/mmbtu
  • Lower 48 dry gas production is estimated at 98.2bcf/d up from 97.2bcf/d on Aug 16. US production reached a record 99.36bcf/d on Jul 30.
  • EIA yesterday reported that West Texas pipeline export to Mexico reached a record high in May. Strong domestic and overseas demand have been the key driver behind the rally from 5.4$/mmbtu at the end of June to a peak of 9.6$/mmbtu earlier this week.
  • Mexico exports are 7.0bcf today with deliveries to LNG export terminals stable at 11.2bcf/d.
  • Lower 48 dry gas demand is still above normal with mixed weather forecasts. Above normal temperatures are expected on the West Coast, but it is expected to be cooler in the south. Demand is today estimated at 70.9bcf/d.

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