Big sell off for NYMEX gas futures, the September front month contract settling down 12 cents to $2.76 US/mm. The overall story is that with storage being well-stocked in the US, and with production holding at 108.5 Bcf/d, even the record flows to LNG export plants isn’t enough to really shake the market. As a note, production this time last year was 101.7 Bcf/d, and the 5-year average is 97.9 Bcf/d.
Temperatures are still expected to dip below normal for a large portion of the US. Precipitation probably won’t overlay that area and further cool the area.Regardless, it’s a welcome break for many who have endured days upon days of scorching heat. The peak loads of electricity demand will hopefully be more manageable for a while.
