We estimate that dry gas production has been expanding in annual terms for 36 consecutive weeks now. However, the daily output rate has been mostly flat over the past 10 days. Currently, we estimate that dry gas production will average 78.4 bcf/day in February, 79.5 bcf/day in March and 79.6 bcf/day in April. Total aggregate supply of natural gas (production + imports) averaged just around 86.8 bcf per day for the week ending February 9 (up 8.5% y-o-y). Overall, total supply/demand balance should be negative at around -130 bcf. It is the tenth negative physical balance this withdrawal season. This negative volume is some 40 bcf larger than a week ago, and around 11 bcf below 5-year average for this time of the year (see the chart below).
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