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US gas demand extends lower, supply remains flat in week to Aug. 9

Natural gas demand in the United States continued to decline amid an ongoing reduction in power burn during the week ended Aug. 9, as supply remained steady, the U.S. Energy Information Administration said in its latest "Natural Gas Weekly Update" released Aug. 10.

Total U.S. gas consumption faltered from 60.1 Bcf/d in the previous week to 59.6 Bcf/d in the current report period to reflect a 1% slump week on week.

Power-sector gas demand posted a 4% decrease versus the week-ago level as it slid from 34.6 Bcf/d to 33.0 Bcf/d, reflecting overall moderating summer weather, the EIA said. Industrial-sector consumption notched a 1% gain week over week as it grew from 19.7 Bcf/d to 19.8 Bcf/d, while residential/commercial-sector demand logged a 16% increase over the same period as it rose from 5.9 Bcf/d to 6.8 Bcf/d.

Natural gas exports to Mexico were up 2% week on week, from 4.3 Bcf/d to 4.4 Bcf/d. Natural gas pipeline flows to the Sabine Pass liquefaction terminal deflated from 2.1 Bcf/d to 1.8 Bcf/d over the same period, with three vessels carrying a combined 9.9 Bcf of LNG seen to have left the terminal from Aug. 3 to Aug. 9, and one vessel with an LNG-carrying capacity of 3.8 Bcf seen loading at the terminal on Aug. 9.

Overall U.S. gas supply remained constant relative to the prior-week level at an average at 79.1 Bcf/d. Dry production logged a 1% uptick week on week as it widened from 72.8 Bcf/d to 73.2 Bcf/d, while net imports from Canada posted a 2% decline on the week as it tightened from 6.0 Bcf/d to 5.9 Bcf/d.

In terms of inventories, the latest storage data from the EIA outlined a net 28-Bcf injection for the week ended Aug. 4 that took total working gas stocks to 3,038 Bcf, or 275 Bcf below the year-ago level and 61 Bcf above the five-year average of 2,977 Bcf. It bested the 24-Bcf injection in the prior year but trailed the 54-Bcf five-year-average addition, marking the fifth consecutive week that the weekly injection was lower than the norm.

Net storage injections from the traditional start of the refill season on March 31 through the latest inventory report week have totaled 987 Bcf, versus the five-year average of 1,191 Bcf and the year-ago level of 835 Bcf.