RE:RE:RE:RE:RE:RE:RE:RE:Nattythats pretty good.
Unpopular opinion... I feel like supply and demand is pretty good for nat gas.
https://www.eia.gov/naturalgas/weekly/#tabs-storage-1
If we look here, at the supply and demand tables.
Supply is up from last year by 2.2 daily Bcf.
But demand is up 7 daily Bcf.
This seems to me like a net 5 Bcf draw compared to last year.
Isn't that pretty massive?
I think it may only get bigger if we have a regular winter vs. last year.
Also LNG exports set to grow a lot in 2024, but production shoudl be relatively flat with rig count plummeting.
All this makes me think that supply growth will be less than demand growth.
And it already did this year too.
This is all a bullish indicator for nat gas.
I think everyone is obssed with where the puck is right now (pretty flush inventories) and not where it is going (supply and demand in the future)
Am I missing something?
| U.S. natural gas supply - Gas Week: (10/12/23 - 10/18/23) |
| | Average daily values (billion cubic feet) |
| | this week | last week | last year |
| Marketed production | 116.3 | 114.6 | 113.0 |
| Dry production | 102.6 | 101.3 | 100.4 |
| Net Canada imports | 5.4 | 5.5 | 5.4 |
| LNG pipeline deliveries | 0.1 | 0.1 | 0.1 |
| Total supply | 108.1 | 106.9 | 105.9 |
| U.S. natural gas consumption - Gas Week: (10/12/23 - 10/18/23) |
| | Average daily values (billion cubic feet) |
| | this week | last week | last year |
| U.S. consumption | 71.5 | 69.8 | 68.1 |
| Power | 31.9 | 32.7 | 31.8 |
| Industrial | 22.9 | 22.6 | 22.1 |
| Residential/commercial | 16.7 | 14.5 | 14.3 |
| Mexico exports | 5.9 | 6.2 | 5.7 |
| Pipeline fuel use/losses | 7.0 | 6.8 | 6.7 |
| LNG pipeline receipts | 14.3 | 12.7 | 11.1 |
| Total demand | 98.6 | 95.6 | 91.6 |