UNG - Natural Gas Market Overview: Normal Weather Leads To 'Abnormal' Consumption
This report covers the week ending July 26, 2019.
Total Demand
We estimate that aggregate demand for American natural gas (consumption + exports) totaled around 612 bcf for the week ending July 26 (down 5.3% w-o-w but up 1.9% y-o-y). The deviation from the norm remained positive, but declined from +22.10% to +14.90%. We calculate that total natural gas demand in the U.S. has been expanding in annual terms for 13 consecutive weeks now (see the chart below).
Source: Bluegold Research estimates and calculations
Last week, the weather conditions cooled down significantly across the Lower-48