As pipeline and liquefied natural gas (LNG) exports declined, US natural gas futures slipped for the fifth day in a row on Wednesday. Demand in the coming months will be cut by the government steps to slow the spread of coronavirus.
On the New York Mercantile Exchange, front-month gas futures for May delivery fell 2.9 cents (1.8 percent) to $1.621 per million British thermal units, their lowest in over a week. For the first time since October, that puts the front-month down for five consecutive days.
US pipeline exports to Canada plunged to a 27-month low of 1.4 bcfd on Tuesday, as Michigan for the first time since April 2018 started importing gas from Ontario on the Vector pipe. That compares with an all-time daily high of 3.9 bcfd on January 25, 2018 and an average of 2.5 bcfd last week.
From 93.5 bcfd on Monday, US gas production slipped to 92.6 bcfd on Tuesday. That compares with an all-time daily high of 96.5 bcfd on November 30 and an average of 93.2 bcfd last week.
