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(Bloomberg) — US natural gas futures ended lower as domestic gas flows to liquefied natural gas export terminals along the US Gulf Coast dropped for a third consecutive day. The reduction is concentrated at Sabine Pass LNG in Louisiana and Corpus Christi LNG in Texas.
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Lower gas flows to terminals leaves more supplies in the US ahead of an expected uptick in gas-fired power demand as consumers ramp up air-conditioners in the summer. Domestic stockpiles are already more than 6% above the five-year average.
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At the same time, LNG-related losses could be constrained as “pipeline maintenance limited to the short term may allow intake to rebound,” said Eli Rubin, senior energy analyst at EBW Analytics Group.
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- Futures for July delivery settled -1.2c, or -0.4%, to $3.167/mmbtu on Nymex
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Weather:
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- Forecasts were unchanged, with above-average temperatures expected across the Midwest and interior West through June 11: Commodity Weather Group
- See WHUT for a map of latest 6-10 day weather forecast: NOAA
- Click here for two-week temperature forecasts for the U.S.
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Daily BNEF Gas Data:
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- Lower-48 dry gas production on Tuesday ~109.1 bcf/day, or +1.9% y/y
- Lower-48 total gas demand on Tuesday ~69.4 bcf/day, or +4.8% y/y
- Dry gas exports to Mexico on Tuesday ~8.0 bcf/day, or +1.3% w/w
- Estimated gas flows to LNG export terminals on Tuesday ~16.6 bcf/day, or -8.7% w/w
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Gas Market News:
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- European Gas Edges Down as Uncertainty Lingers Over US-Iran Deal
- LNG WRAP: Asian Imports Rise as Region Remains More Profitable
- Malaysia LNG Exports Match US Growth in May: BNEF Chart
- Sheinbaum Leans on Private Investors to Fix Blackout-Prone Grid
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