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Oil report

UPDATE 2-U.S. natgas holds near 7-wk low as rising output offsets higher LNG exports

 (Adds latest prices)
    Sept 18 (Reuters) - U.S. natural gas futures held near a seven-week low on Friday as rising output
in the Gulf of Mexico after Hurricane Sally offset an increase in liquefied natural gas (LNG) exports.
    Front-month gas futures rose 0.6 cents, or 0.3%, to settle at $2.048 per million British
thermal units (mmBtu). On Thursday, the contract closed at its lowest since July 31.
    That put the front-month down about 9% for the week and helped boost the November futures premium
over October NGV20-X20 to a record 61 cents per mmBtu.
    Data provider Refinitiv said output in the Lower 48 U.S. states rose to 86.3 billion cubic feet per
day (bcfd) on Thursday from a three-month low of 84.8 bcfd on Wednesday as producers started returning
Gulf of Mexico wells shut-in for Sally. The storm smashed into the Gulf Coast near the Alabama-Florida
border early Wednesday.
    With cooler weather coming, Refinitiv projected demand, including exports, would fall from an
average of 85.5 bcfd this week to 82.7 bcfd next week before rising to 83.9 bcfd in two weeks as LNG
exports increase.
    The amount of gas flowing to U.S. LNG export plants was on track to reach 7.6 bcfd on Friday, its
highest in a day since April.
    For the month, LNG feedgas averaged 5.5 bcfd so far in September. That was the most in a month
since May and was up for a second month in a row for the first time since hitting a record 8.7 bcfd in
February as global gas prices rise, making U.S. gas more attractive.
    Cameron LNG's export plant in Louisiana, however, remained shut since Aug. 27 due to lingering
power outages from Hurricane Laura. Sempra Energy, one of Cameron's partners, said it expects
the facility will be in full operation in six weeks. 
                                 
                                       Week ended     Week ended    Year ago   Five-year   
                                         Sep 18        Sep 11        Sep 18     average    
                                        (Actual)       (Actual)                  Sep 18    
 U.S. natgas storage (bcf):                +74           +89          +97         +80 Refinitiv Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days                        
 Two-Week Total Forecast               Current Day    Prior Day    Prior Year   10-Year    30-Year Norm
                                                                                  Norm     
 U.S. GFS HDDs                             45             47           14          24           57
 U.S. GFS CDDs                             76             74          149         130           84
 U.S. GFS TDDs                             121           121          163         154          141
                                                                                           
 Refinitiv U.S. Weekly GFS Supply and Demand Forecasts                                     
                                       Prior Week    Current Week  Next Week   This Week    Five-Year
                                                                               Last Year   Average For
                                                                                              Month
 U.S. Supply (bcfd)
 U.S. Lower 48 Dry Production             88.4           86.4         85.7        93.3         79.7
 U.S. Imports from Canada                  5.8           5.7          6.2         7.8          7.9
 U.S. LNG Imports                          0.0           0.0          0.0         0.0          0.1
 Total U.S. Supply                        94.2           92.2         92.0       100.0         87.7
 
 U.S. Demand (bcfd)
 U.S. Exports to Canada                    2.1           2.0          1.9         2.5          2.3
 U.S. Exports to Mexico                    6.0           5.8          6.0         5.6          4.5
 U.S. LNG Exports                          4.8           6.9          7.4         6.5          2.1
 U.S. Commercial                           4.8           4.9          5.3         4.7          4.7
 U.S. Residential                          4.0           4.1          4.9         3.8          3.7
 U.S. Power Plant                         34.3           33.9         29.3        35.8         32.0
 U.S. Industrial                          21.6           21.5         21.7        21.2         20.6
 U.S. Plant Fuel                           4.4           4.3          4.2         4.3          4.4
 U.S. Pipe Distribution                    1.9           1.9          1.8         1.9          1.9
 U.S. Vehicle Fuel                         0.1           0.1          0.1         0.1          0.1
 Total U.S. Consumption                   71.0           70.7         67.4        71.3         67.4
 Total U.S. Demand                        84.0           85.5         82.7        86.4         76.3 SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu)                                        
 Hub                                   Current Day    Prior Day                            
 Henry Hub NG-W-HH-SNL                  1.65           2.06                              
 Transco Z6 New York NG-CG-NY-SNL       0.87           0.96                              
 PG&E Citygate NG-CG-PGE-SNL            3.31           3.43                              
 Dominion South NG-PCN-APP-SNL          0.83           0.90                              
 Chicago Citygate NG-CG-CH-SNL          1.64           1.90                              
 Algonquin Citygate NG-CG-BS-SNL        1.08           1.25                              
 SoCal Citygate NG-SCL-CGT-SNL          2.53           2.80                              
 Waha Hub NG-WAH-WTX-SNL                0.97           1.39 SNL U.S. Power Next-Day Prices ($ per megawatt-hour)                                      
 Hub                                   Current Day    Prior Day                            
 New England EL-PK-NPMS-SNL             20.25         23.00                              
 PJM West EL-PK-PJMW-SNL                18.75         22.00                              
 Ercot North EL-PK-ERTN-SNL             20.00         23.25                              
 Mid C EL-PK-MIDC-SNL                   31.50         36.25                              
 Palo Verde EL-PK-PLVD-SNL              31.25         30.50                              
 SP-15 EL-PK-SP15-SNL                   35.50         36.75                              
 
 (Reporting by Scott DiSavino; Editing by Jonathan Oatis, Diane Craft and Andrea Ricci)
  
 
 
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