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Energy

REFILE-U.S. natgas futures retreat on lower cooling demand

 (Refiling to correct day to Friday instead of Thursday in first paragraph)
    Sept 4 (Reuters) - U.S. natural gas futures fell on Friday on lower air-conditioning demand after
Hurricane Laura turned the weather cooler and knocked out power to houses and businesses.
    Front-month gas futures fell 4.6 cents, or 1.9%, to $2.441 per million British thermal units
(mmBtu) by 10:21 AM EDT (1421 GMT)
    The front-month was en route to its first weekly fall in five and at a decline of over 8%, its worst
performance since the week ended June 26.
    "We're very slow to return the LNG demand due to the storms in the gulf last week; there are still a lot
of electrical outages that's limiting it. So we are seeing some price congestion ahead of the long holiday
weekend," said Robert DiDona of Energy Ventures Analysis.
    "The overall lower demand along with relatively flat production estimates since last week is creating a
little bit of a pause in what was an upward momentum market," DiDona said.
    Laura took out power in thousands of homes and businesses in Louisiana, Texas and Arkansas after slamming
into the Gulf Coast near the Texas-Louisiana border last week as a major Category 4 storm.
    Demand in the Lower 48 is expected to decline slightly, falling from 83.9 billion cubic feet per day
(bcfd) this week to 83.6 bcfd in the next, according to Refinitiv.
    Refinitiv data indicated 137 cooling degree days in the Lower 48 states over the next two weeks,
decreasing from 148 CDDs the previous day.
    CDDs measure the number of degrees a day's average temperature is above 65 degrees Fahrenheit (18 degrees
Celsius) and are used to estimate demand to cool homes and businesses.
    Natural gas output from the Gulf of Mexico was down by 16%, or 420 million cubic feet per day (mmcfd), on
Thursday, the U.S. Bureau of Safety and Environmental Enforcement said.
    
                                        Week ended     Week ended    Year ago      Five-year     
                                          Sept.          Aug 28      Sept. 4    average Sept. 4  
                                       4(Forecast)      (Actual)                                 
 U.S. natgas storage (bcf):                +60            +35          +80            +68 Refinitiv Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days                              
 Two-Week Total Forecast               Current Day     Prior Day    Prior Year   10-Year Norm    30-Year Norm
 U.S. GFS HDDs                              23             17           10            21              23
 U.S. GFS CDDs                             137            148          169            136            126
 U.S. GFS TDDs                             160            165          179            157            149 Refinitiv U.S. Weekly GFS Supply and Demand Forecasts                                           
                                        Prior Week    Current Week  Next Week   This Week Last    Five-Year
                                                                                     Year        Average For Month
 U.S. Supply (bcfd)
 U.S. Lower 48 Dry Production              87.6           87.8         87.9          92.7            79.1
 U.S. Imports from Canada                  6.3            6.6          7.0            7.7            8.0
 U.S. LNG Imports                          0.0            0.0          0.0            0.0            0.2
 Total U.S. Supply                         93.9           94.4         94.9          100.4           87.3
 
 U.S. Demand (bcfd)
 U.S. Exports to Canada                    2.0            2.0          2.0            3.1            2.2
 U.S. Exports to Mexico                    6.2            6.0          6.0            5.5            4.4
 U.S. LNG Exports                          2.9            4.2          5.7            6.5            2.0
 U.S. Commercial                           4.6            4.8          4.9            4.5            4.5
 U.S. Residential                          3.7            3.9          4.1            3.6            3.3
 U.S. Power Plant                          38.0           35.0         33.0          33.9            36.6
 U.S. Industrial                           21.5           21.7         21.5          21.5            20.6
 U.S. Plant Fuel                           4.3            4.3          4.3            4.3            4.3
 U.S. Pipe Distribution                    2.0            1.9          1.9            2.1            2.0
 U.S. Vehicle Fuel                         0.1            0.1          0.1            0.1            0.1
 Total U.S. Consumption                    74.2           71.7         69.9          70.0            71.4
 Total U.S. Demand                         85.4           83.9         83.6          85.1            80.0 SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu)                                              
 Hub                                   Current Day     Prior Day                                 
 Henry Hub NG-W-HH-SNL                   2.32           2.15                                   
 Transco Z6 New York NG-CG-NY-SNL        1.58           1.74                                   
 PG&E Citygate NG-CG-PGE-SNL             3.62           3.59                                   
 Dominion South NG-PCN-APP-SNL           1.45           1.54                                   
 Chicago Citygate NG-CG-CH-SNL           2.19           2.17                                   
 Algonquin Citygate NG-CG-BS-SNL         1.58           1.64                                   
 SoCal Citygate NG-SCL-CGT-SNL           5.01           3.17                                   
 Waha Hub NG-WAH-WTX-SNL                 2.08           1.91 SNL U.S. Power Next-Day Prices ($ per megawatt-hour)                                            
 Hub                                   Current Day     Prior Day                                 
 New England EL-PK-NPMS-SNL             22.75          29.50                                   
 PJM West EL-PK-PJMW-SNL                25.50          28.00                                   
 Ercot North EL-PK-ERTN-SNL             25.75          25.50                                   
 Mid C EL-PK-MIDC-SNL                   105.00         105.00                                  
 Palo Verde EL-PK-PLVD-SNL              97.00          97.00                                   
 SP-15 EL-PK-SP15-SNL                   78.00          78.00                                   
 
 (Reporting by Sumita Layek in Bengaluru; Editing by Steve Orlofsky)
  
 
 
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