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US natural gas demand rises with cold weather; dry production steady on week

Natural gas demand in the U.S. climbed in the week ended March 7 while supply held flat to the prior week, the U.S. Energy Information Administration said in its latest "Natural Gas Weekly Update" released March 8.

Total U.S. consumption of natural gas rose 2% compared with the previous report week. Natural gas consumed for power generation declined 5% week over week, while industrial-sector consumption increased 1% and residential/commercial-sector consumption jumped 10%.

Natural gas exports to Mexico were steady week on week, averaging 4.3 Bcf/d, while U.S. LNG exports increased week over week.

One tanker with a carrying capacity of 3.5 Bcf departed the Sabine Pass liquefaction facility Feb. 28, and five tankers with a combined carrying capacity of 18.5 Bcf departed the facility March 1-7. One tanker with a carrying capacity of 3.7 Bcf was loading at the terminal March 7.

Additionally, Dominion Energy's Cove Point facility loaded its first commissioning cargo. The tanker Gemmata, with a carrying capacity of 3.0 Bcf, departed the facility March 1 and appears to be headed to South America, the EIA said.

U.S. supply was lower week on week, averaging 84.4 Bcf/d from 84.6 Bcf/d a week earlier. Dry natural gas production remained constant week over week, while average net imports from Canada increased 8% from the previous week.

In regard to inventories, net withdrawals from storage totaled 57 Bcf for the week ending March 2, at par with the year-ago withdrawal and below the five-year average net withdrawal of 129 Bcf. Working gas stocks totaled 1,625 Bcf, which is 300 Bcf less than the five-year average and 680 Bcf less than 2017 at this time.

The EIA said that if net withdrawals from working gas stocks match the five-year average for the remainder of the withdrawal season, working gas stocks will total 1,402 Bcf by March 31, the traditional end of the season. That would be 18% lower than the five-year average.

Working gas stocks ended the 2013-2014 heating season at 837 Bcf, which was the lowest reported level for that time.