- Aggregate demand for U.S. natural gas totaled around 578 bcf (or 82.6 bcf/d) for the week ending September 25.
- Aggregate supply of natural gas in the contiguous United States totaled around 636 bcf (or 90.9 bcf/d) in the same week.
- Currently, we expect the EIA to report a build of 75 bcf next week (a final estimate will be released on Wednesday).
- Total natural gas demand is projected to trend higher (slowly) but is also currently expected to remain mostly below last year's level.
- November contract looks overvalued relative to near-term fundamentals and is also at odds with the latest spot price.
For further details see:
Natural Gas Market: The Balance Is Getting Tighter, But The Forward Curve Is Not Cheap