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US Still Bearish with Reduced LNG Exports

NATGAS

US Natags prices continue to fall as the export terminal outage and lower temperatures creates a domestic surplus. US Natgas Jul22 is currently trading down 2.6% to 6.06$/mmbtu.

  • High temperature forecasts over recent weeks have eased allowing demand to return to more normal levels at 66.8bcf while production is also staying relatively unchanged. Lower 48 dry gas production has been greater than the 5 -year range for this time of year since the end of March with the estimate for today at 96.17bcf.
  • Gas deliveries to US export terminals have remained unchanged over the last week with the estimate for today at 10.4bcf and still about 2bcf lower than before the Freeport outage.
  • EIA data shows gas storage levels are still below normal but excess supplies could be redirected to storage with last week’s data showing a larger than expected stock build.
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