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Weekly US gas demand falls despite late cooling uptick

Natural gas demand in the U.S. fell by 1% in the week ended May 23 as supply increased slightly, the U.S. Energy Information Administration said in its May 24 "Natural Gas Weekly Update."

Residential and commercial gas use declined by 1% compared with the previous report, the EIA said, citing PointLogic Energy data. Natural gas consumption for power generation fell by 3% despite an increase in cooling demand late in the report week. Industrial-sector consumption held steady for the third week, still averaging 19.9 Bcf/d.

Natural gas exports to Mexico averaged 4.3 Bcf/d during the review period, falling by 100 MMcf/d compared to the previous week. LNG export pipeline receipts declined to 2.8 Bcf/d from 3.5 Bcf/d, the EIA said.

Five LNG vessels, with a combined carrying capacity of 18.8 Bcf, left the United States from May 17 to May 23. Four tankers left from Cheniere Energy Inc.'s Sabine Pass in Louisiana, while one tanker left from Dominion Energy Inc.'s Cove Point in Maryland. Cheniere recently announced that it is moving forward with a third liquefaction train at its Corpus Christi LNG export terminal under construction in Texas, which would add 4.5 million tonnes per annum, or roughly 0.7 Bcf/d, of LNG export capacity and bring total capacity at the facility to 2.1 Bcf/d.

U.S. natural gas supply averaged 86.0 Bcf/d. Average net imports from Canada increased about 200 MMcf/d from the previous week, averaging 6.3 Bcf/d from May 17 to May 23.

Net storage injections for the week ended May 18 fell to a total of 91 Bcf after breaking the 100-Bcf threshold in the previous week. Working gas stocks totaled 1,629 Bcf, about 499 Bcf below the five-year average and 804 Bcf below the same period in 2017.