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Warmer Temperatures Push US Gas Higher Before EIA Data

NATGAS

US Natgas trading higher ahead of the EIA gas inventory data. Aug22 trading up 0.6% to 6.54$/mmbtu as warmer weather looks set to keep demand strong.

  • EIA US storage levels are expected to be near normal with lower LNG exports making more gas available for injection.
  • Expectation is for a build of 75bcf for the week ending 24th June, in line with the 73bcf build last week and compared to a seasonal normal build of 77bcf.
  • Above normal weather forecasts have pushed domestic demand up from yesterday to 68.7bcf. Production has fallen slightly to 94.3bcf but remains well above normal compared to the 5-year range.
  • Deliveries to LNG exports terminals remain steady at 10.7bcf.
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