We estimate that total demand for American natural gas fell to around 433-437 bcf this week (down some 2% w-o-w, but mostly flat y-o-y). The deviation from the norm decreased from +6% to just over +5% (see the chart below). National consumption continued to get weaker amid shoulder season patterns (heating demand is over while cooling demand is yet to fully kick in). Total exports were also down due to pipeline maintenance, but still managed to post a double-digit annual growth rate thanks to strong LNG demand.Despite pipeline maintenance, the annual decline in dry natural gas production has slowed down to around -2%. However, we do not currently expect positive y-o-y growth in natural gas output until at least June 2017. Overall, total SD Balance should be positive and is expected to reach over 100 bcf this week. The volume is just marginally higher than last week, but it is some 16 bcf above 5-year average for this time of the year (see the chart below). In absolute terms, this should be bearish for the Henry Hub contract. However, as we have been saying in our previous updates, traders seem to be less concerned about near-term weakness in fundamentals and are focused on the end-of-injection-season inventory. Also, please note, that total SD Balance does not equal storage flows.
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Silver Price Equal Off with Notable Support
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BENGALURU, FEB 27:
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