29 October 2020
- After several weeks of increasing supply (since week 41), we are once again seen tightening to supply this week, although volumes have been gradually increasing throughout the week. This week, we have also seen a transition into the destocking period for gas storage. This has come earlier than usual, our 5-year mean shows destocking typical starts in weeks 45/46.
- With colder than normal temperatures experienced by several US states this week, we have seen a boost in demand. This has resulted in the demand volume for week 44 estimated to finish around 15% above the 5 year mean for this time of year. LNG exports have been recovering week on week since week 40. However, this week the rate of increase has slowed slightly owing to Hurricane Zeta in the Gulf of Mexico.
- For much of our macroeconomic indicators we have seen increases this week. The ratio of buying versus selling has continued to grow. We have also seen increases to the energy intensity as gas consumption has increased this week. In contrast, we have seen liquidity decreasing liquidity for the past three weeks.