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US gas demand remains elevated on stronger power burn

Powerburn continued to boost overall U.S. natural gas demand during the week endedJuly 20, as supply remained flat amid reduced production and increased importsfrom Canada, the U.S. Energy Information Administration said in its latest"Natural Gas WeeklyUpdate" released July 21.

TotalU.S. gas consumption climbed from an average of 62.0 Bcf/d in the prior week to63.2 Bcf/d in the current review period to post a 2% gain week on week,reportedly driven by stronger power-sector demand.

Naturalgas demand for electric generation logged a 4% increase from the week-ago levelas it rose from 35.2 Bcf/d to 36.6 Bcf/d, while industrial-sector consumptionremained constant versus the prior-week figure at 19.5 Bcf/d andresidential/commercial-sector demand notched a 3% decline over the same periodas it slid from 7.3 Bcf/d to 7.1 Bcf/d. Natural gas exports to Mexico rose by5% week over week, from 3.6 Bcf/d to 3.8 Bcf/d.

OverallU.S. natural gas supply reportedly remained unchanged versus the prior-weeklevel at an average of 80.0 Bcf/d. Dry gas production slumped by 1% week onweek as it deflated from 73.1 Bcf/d to 72.6 Bcf/d, while net imports fromCanada increased by 13% over the same period as it climbed from 6.3 Bcf/d to7.2 Bcf/d. LNG pipeline deliveries that averaged 0.2 Bcf/d during the reviewperiod was reportedly lower than in the prior week but remained a smallcontributor to total supply.

Naturalgas pipeline flows to the Sabine Pass liquefaction terminal during the week inreview averaged at about 0.7 Bcf/d. "Two vessels (with LNG-carryingcapacities of 3.0 Bcf and 3.7 Bcf) are currently loading at the terminal.Although these ships are loading, no ships departed the terminal over the period,and therefore no exports occurred," the EIA said.

Interms of inventories, the latest storage data from the EIA outlined a net34-Bcf injection forthe week ended July 15 that was below both the 70-Bcf addition to stocksreported for the same week in 2015 and the 61-Bcf five-year average build. Thereported injection took overall inventories to 3,277 Bcf, or 471 Bcf above theyear-ago level and 559 Bcf above the five-year average of 2,718 Bcf.