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July 2, 2018  
Natural gas consumption surged by almost 22% y-o-y in April this year and then continue to expand in May and June but at a more measured pace. The volume of total exports is now equivalent to almost 12.0% of national natural gas consumption on a monthly basis. Currently, we expect natural gas consumption in the U.S. to remain strong in both relative and absolute terms. Annual storage deficit will continue to shrink in July-September, but only to an extent. After today's 2.5% drop in the value of August contract, the outlook for coal-to-gas switching has improved.
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June 27, 2018  
This Thursday, we expect EIA to report 2,073 bcf of working gas in storage for the week ending June 22. We anticipate to see an injection of 69 bcf, which is 21 bcf larger than a year ago, but 3 bcf smaller vs. 5-year average. So far, we have been confidently buying the dips in August contract, but are now beginning to think about short positions.
Detail
June 23, 2018  
Total demand for American natural gas is up 5.0% y-o-y to 495 bcf. Total natural gas supply is up 11.0% y-o-y to 88.4 bcf per day. We currently expect EIA to report an injection of 69 bcf next week. Mid-term weather forecast turned bearish yesterday afternoon; More bearish changes in weather are necessary to shrink storage deficit.
Detail
June 21, 2018  
This Thursday, we expect EIA to report 1,998 bcf of working gas in storage for the week ending June 15; We anticipate to see an injection of 85 bcf, which is 22 bcf larger than a year ago and 2 bcf larger vs 5-year average; Last winter has shown that storage level can drop by more than 1.0 Tcf in just four weeks; Therefore,there is still a need to inject an adequate amount of natural gas into the undergroundstorage this summer and fall.
Detail
June 19, 2018  
Over the past five months there has not been a single strong reason to be bearish on natural gas. Dry gas production has been essentially flat for the past six months. The extended-range ECMWF model has not issued a single bearish weather forecast since April 30. In historical terms, supply and demand are more or less balanced.
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June 7, 2018  
This Thursday, we expect EIA to report 1,819 bcf of working gas in storage for the week ending June 1. We anticipate to see an injection of 94 bcf, which is 9 bcf smaller than a year ago and 10 bcf smaller vs 5-year average. Storage level could still decline below five-year minimum by the end of July if key market variables remain unchanged.
Detail
June 5, 2018  
Aggregate demand for American natural gas was up 8.8% y-o-y in March 2018. In May, natural gas consumption probably reached a seasonal record low of 63.6 bcf/d, as heating demand weakened, while cooling demand was still relatively subdued. Over the next three months, total demand will be growing slower than total supply. But we do not currently expect double storage deficit to dissipate this year.
Detail
June 4, 2018  
Gas usage in the Electric Power sector continues to increase and therefore the weight of the Electric Power sector in the natural gas market continues to grow; Despite rallying by more than 16% over the past four months, natural gas maintains its price-competitiveness relative to coal; Coal-to-gas switching is estimated to be around 6 bcf per day, 0.5 bcf more than in 2017; June has historically been the 5th strongest month for renewable power output; Total supply / demand balance in June will be looser relative to 2017, but storage deficit will remain almost intact.
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June 1, 2018  
Total demand for American natural gas is up 12.0% y-o-y to 470 bcf. Total natural gas supply is up 10.0% y-o-y to 88.0 bcf per day. We currently expect EIA to report an injection of 95 bcf next week. Storage level is likely to fall below 5-year minimum in July (in case key market variables stay the same).
Detail
May 30, 2018  
This Thursday, we expect EIA to report 1,734 bcf of working gas in storage for the week ending May 25. We anticipate to see an injection of 105 bcf, which is 25 bcf larger than a year ago and 8 bcf larger vs. 5-year average. If weather forecast stays unchanged, storage deficit (relative to 5-year average) will grow in June.
Detail
May 29, 2018  
There has not been a single bearish change in the weather forecast since May 20. U.S. Lower-48 dry gas production has reached 80 bcf/d up 2.2% from last December. The long-term weather forecast coupled with the economics of coal-to-gas switching is still yielding a very low EOS storage figure – only 3,346 bcf. All extremes (whether bullish or bearish) eventuallynormalize – stay strong.
Detail
May 25, 2018  
Total demand for American natural gas is up 6.0% y-o-y to 450 bcf. Total natural gas supply is up 10.0% y-o-y to 88.0 bcf per day. We currently expect EIA to report an injection of 111 bcf next week.
Detail
May 23, 2018  
This Thursday, we expect EIA to report 1,628 bcf of working gas in storage for the week ending May 18. We anticipate to see an injection of 90 bcf, which is 16 bcf larger than a year ago and 1 bcf larger vs. 5-year average. Annual storage deficit is expected to shrink for the rest of May at an average rate of 18 bcf per week. The market seems to be too bullish in the short term and too bearish in the long term.
Detail
May 22, 2018  
Our futures portfolio has been net-long natural gas since mid-February, but not any more. Did we make a mistake by closing all the remaining long positions today? There is a hope that not.
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May 17, 2018  
Total demand for American natural gas is up 4.0% y-o-y to 460 bcf. Total natural gas supply is up 10.0% y-o-y to 87.2 bcf per day. We currently expect EIA to report an injection of 97 bcf next week.
Detail
May 16, 2018  
This Thursday, we expect EIA to report 1,541 bcf of working gas in storage for the week ending May 11. We anticipate to see an injection of 109 bcf, which is 45 bcf larger than a year ago and 22 bcf larger vs. 5-year average. Annual storage deficit is expected to shrink for the rest of May at an average rate of 23 bcf per week. We do not currently expect storage deficit to dissipate this year.
Detail
May 11, 2018  
Total demand for American natural gas is up 3.0% y-o-y to 450 bcf. Total natural gas supply is up 10.0% y-o-y to 87.3 bcf per day. We currently expect EIA to report an injection of 109 bcf next week.
Detail
May 9, 2018  
This Thursday, we expect EIA to report 1,437 bcf of working gas in storage for the week ending May 4. We anticipate to see an injection of 94 bcf, which is 45 bcf larger than a year ago and 19 bcf larger vs. 5-year average. Annual storage deficit is expected to shrink throughout May at around 34 bcf per week. Since December 2017, dry gas production increased by only 1.3 bcf/d. Total natural gas supply has been essentially flat for five months now.
Detail
May 4, 2018  
Aggregate demand for American natural gas was up 14.0% y-o-y in February 2018. In April, natural gas consumption probably reached a seasonal record (77.3 bcf per day) due to abnormally cold weather. Over the next three months, total demand will be growing slower than total supply. But we do not currently expect annual storage deficit to disappear this year at all.
Detail
May 3, 2018  
Total demand for American natural gas is up 3.0% y-o-y to 470 bcf. Total natural gas supply is up 11.0% y-o-y to 87.9 bcf per day. We currently expect EIA to report an injection of 91 bcf next week.
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