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Bentek Top Stories
BENTEK Top Stories
Supply and demand impacts for Sep to date
September demand has so far averaged 13.6 Bcf/d which is 700 MMcf/d lower than the August average and 1.1 Bcf/d lower than a year earlier. Production on the other hand has only increased, averaging 25 Bcf/d, 300 MMcf/d above the August average and 2.4 Bcf/d higher than the first half of September 2016. Despite expansion projects beginning to enter service and aid in relieving constraints in the Northeast, the average 11.5 Bcf/d oversupply in the region has substantially capped prices. Dominion South cash basis so far this month has averaged $1.78/MMBtu back, $0.59 lower than the August average. The October contract continues to slide as well, with cash basis settling at $1.69/MMBtu Tuesday indicating that market participants believe the significant oversupply will continue through next month. The story is the same for Tetco M3 as well with cash basis falling $0.64 month over month to $1.76/MMBtu back and October contract trading at $1.60/MMBtu behind Henry Hub.
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