US Natural Gas Declines As Weather Moves Cooler In Central US

(Bloomberg) -- US natural gas futures fell as weather forecasts shifted cooler for the central part of the country. Gas storage remains significantly above the five-year average, inciting fears of a continued oversupplied market.

• Futures for August delivery -6.3c, or -2.4%, to $2.538/mmbtu on Nymex, as of 10:17am ET

Weather:

• Forecasts are trending cooler in the central part of the US, while summer heat continues for much of the rest of the country, particularly the West, July 6-10: Maxar
• See WHUT for a map of latest 6-10 day weather forecast: NOAA
• Click here for two-week temperature forecasts for the US

Daily BNEF Gas Data:

• Lower-48 dry gas production on Monday ~100.9 bcf/day, or -1% y/y
• Lower-48 total gas demand on Monday ~74.5 bcf/day, or +5.6% y/y
• Dry gas exports to Mexico on Monday ~6.3 bcf/day, or -5.5% w/w
• Estimated gas flows to LNG export terminals on Monday ~12.9 bcf/day, or +0.7% w/w

Gas Market News:

• European Gas Falls as Supplies Provide Buffer From Coming Heat
• China’s June LNG Imports Drop After Spike in Spot Prices (1)
• EUROPE GAS OUTAGES: Planned Works at St. Fergus Extended

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