US natgas hits one-week high on warmer forecasts ahead of storage data
UNG•Supply, demand and global gas prices
Supply and demand
LSEG said average gas output in the U.S. Lower 48 states has reached 111.4 billion cubic feet per day so far in August, up from a monthly record high of 110.7 bcfd in July.
Average gas flows to the nine big U.S. LNG export plants stand at 17.1 bcfd so far in August, slightly down from 17.2 bcfd in July and a monthly record high of 17.4 bcfd in June.
LSEG projected average gas demand in the Lower 48 states, including exports, would slip slightly from 111.8 bcfd this week to 111.5 bcfd next week.
"This week’s upswing in production has come in addition to a down-tick in exports that will likely limit further upside follow-through," Ritterbusch added.
Meanwhile, Dutch and British gas prices continued to fall, extending a decline that started on Tuesday as Iran said it had started talks with Oman about reopening the Strait of Hormuz. NG/EU
