Average dry gas production was on the increase week-over-week by 0.45 billion cubic feet (Bcf/d) or 3.12 Bcf for the report week ending July 5. Demand from power generation reached a high of 40.56 Bcf/d during the report week. The average demand from power generation was 38.29 Bcf/d, an increase of 2.73 Bcf/d or 19.12 Bcf. LNG net exports from US also posted a year-to-date high of 6.31 Bcf/d indicating that export terminals that were under construction are shipping high send-out levels. We expect the levels to reach 9-10 Bcf by the end of 2019. 

Our analysis leads us to expect a 73 Bcf injection level for the report week. Our expectation is 3 Bcf more than the current consensus of 70 Bcf and 4 Bcf less than the 77 Bcf five-year average storage build. 

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