August Nymex pure gasoline (NGQ25) on Friday closed down -0.023 (-0.69%).
Aug nat-gas costs on Friday gave up early power and closed decrease, remaining close to the underside of the 3-week sell-off. Nat-gas costs closed decrease regardless of forecasts for hotter US climate and Thursday’s bullish EIA report.
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Atmospheric G2 shifted forecasts hotter for the Midwest and japanese US for July 16-20 however cooler for the West. Trying farther out for July 21-25, forecasts shifted barely hotter for the japanese US and cooler for the West.
Decrease-48 state dry gasoline manufacturing on Friday was 106.6 bcf/day (+3.5% y/y), in accordance with BNEF. Decrease-48 state gasoline demand on Friday was 76.8 bcf/day (-7.1% y/y), in accordance with BNEF. Estimated LNG internet flows to US LNG export terminals on Friday have been 15.8 bcf/day (+5.0% w/w), in accordance with BNEF.
A rise in US electrical energy output is constructive for nat-gas demand from utility suppliers. The Edison Electrical Institute reported Wednesday that complete US (lower-48) electrical energy output within the week ended July 5 rose +1.0% y/y to 93,747 GWh (gigawatt hours), and US electrical energy output within the 52-week interval ending July 5 rose +2.4% y/y to 4,247,938 GWh.
Thursday’s weekly EIA report was bullish for nat-gas costs since nat-gas inventories for the week ended July 4 rose +53 bcf, beneath the consensus of +61 bcf and proper on the 5-year common for the week. As of July 4, nat-gas inventories have been down -6.0% y/y, however have been +6.1% above their 5-year seasonal common, signaling ample nat-gas provides. As of July 8, gasoline storage in Europe was 61% full, in comparison with the 5-year seasonal common of 71% full for this time of 12 months.
Baker Hughes reported Friday that the variety of energetic US nat-gas drilling rigs within the week ending July 11 was unchanged at 108 rigs, barely beneath the 15-month excessive of 114 rigs posted on June 6. Previously 9 months, the variety of gasoline rigs has risen from the 4-year low of 94 rigs reported in September 2024.
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