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UPDATE 2-U.S. natgas futures drop over 10% to 7-week low as LNG exports slide

 (Adds latest prices)
    Sept 21 (Reuters) - U.S. natural gas futures plunged over 10% on Monday to a seven-week low on
forecasts for less demand over the next two weeks than previously expected due to a decline in
liquefied natural gas (LNG) exports.
    Gas flows to LNG export plants dropped because of planned maintenance at Dominion Energy Inc's
 Cove Point in Maryland, the continued outage at Cameron in Louisiana and as some ships steer
clear of Tropical Storm Beta, which is expected to lash the Texas and Louisiana coasts this week.

    Front-month gas futures fell 21.3 cents, or 10.4%, to settle at $1.835 per million British
thermal units (mmBtu), their biggest one-day percentage drop since January 2019 to their lowest close
since July 31.
    That drop puts the front-month down 33% since hitting an eight-month high of $2.743 per mmBtu on
Aug. 28 and boosted the premium of November futures over October NGV20-X20 to a record high of 89
cents.
    Despite the recent drop in the front-month, gas speculators last week increased their net long
positions on the New York Mercantile and Intercontinental Exchanges for the seventh time in eight weeks
to their highest since May 2017 on expectations energy demand will rise as the economy rebounds once
state governments lift more coronavirus-linked lockdowns.
    Those added long positions came despite expectations stockpiles will hit record highs by the end of
October, which should remove lingering concerns about price spikes and gas shortages this winter.

    Data provider Refinitiv said the amount of gas flowing to U.S. LNG export plants was on track to
slide to a two-week low of 5.2 bcfd on Monday from a four-month high of 7.9 bcfd last week.
    LNG feedgas has averaged 5.6 bcfd so far in September. That was the most in a month since May as
global gas prices rise, making U.S. gas more attractive.
                                     
                                       Week ended     Week ended    Year ago   Five-year   
                                         Sep 18        Sep 11        Sep 18     average    
                                        (Actual)       (Actual)                  Sep 18    
 U.S. natgas storage (bcf):                +74           +89          +97         +80 Refinitiv Heating (HDD), Cooling (CDD) and Total (TDD) Degree Days                        
 Two-Week Total Forecast               Current Day    Prior Day    Prior Year   10-Year    30-Year Norm
                                                                                  Norm     
 U.S. GFS HDDs                             40             45           37          52           67
 U.S. GFS CDDs                             88             76          137          91           75
 U.S. GFS TDDs                             128           121          174         143          142
                                                                                           
 Refinitiv U.S. Weekly GFS Supply and Demand Forecasts                                     
                                       Prior Week    Current Week  Next Week   This Week    Five-Year
                                                                               Last Year   Average For
                                                                                              Month
 U.S. Supply (bcfd)
 U.S. Lower 48 Dry Production             86.4           86.0         86.0        93.7         79.7
 U.S. Imports from Canada                  5.7           5.7          6.1         8.1          8.1
 U.S. LNG Imports                          0.0           0.0          0.0         0.0          0.1
 Total U.S. Supply                        92.2           91.7         92.1       101.8         87.7
 
 U.S. Demand (bcfd)
 U.S. Exports to Canada                    2.0           2.0          1.9         2.5          2.3
 U.S. Exports to Mexico                    5.8           5.8          6.0         5.8          4.5
 U.S. LNG Exports                          6.9           5.9          6.0         6.1          2.1
 U.S. Commercial                           4.9           5.2          5.2         4.8          4.7
 U.S. Residential                          4.1           4.6          4.6         3.9          3.7
 U.S. Power Plant                         33.8           30.9         32.5        33.8         32.0
 U.S. Industrial                          21.5           21.6         21.7        21.2         20.6
 U.S. Plant Fuel                           4.3           4.3          4.2         4.3          4.4
 U.S. Pipe Distribution                    1.9           1.8          1.9         1.8          1.9
 U.S. Vehicle Fuel                         0.1           0.1          0.1         0.1          0.1
 Total U.S. Consumption                   70.7           68.4         70.2        69.9         67.4
 Total U.S. Demand                        85.4           82.1         84.1        84.3         76.3 SNL U.S. Natural Gas Next-Day Prices ($ per mmBtu)                                        
 Hub                                   Current Day    Prior Day                            
 Henry Hub NG-W-HH-SNL                  1.56           1.65                              
 Transco Z6 New York NG-CG-NY-SNL       1.04           0.87                              
 PG&E Citygate NG-CG-PGE-SNL            3.30           3.31                              
 Dominion South NG-PCN-APP-SNL          0.87           0.83                              
 Chicago Citygate NG-CG-CH-SNL          1.46           1.64                              
 Algonquin Citygate NG-CG-BS-SNL        0.95           1.08                              
 SoCal Citygate NG-SCL-CGT-SNL          2.24           2.53                              
 Waha Hub NG-WAH-WTX-SNL                0.98           0.97 SNL U.S. Power Next-Day Prices ($ per megawatt-hour)                                      
 Hub                                   Current Day    Prior Day                            
 New England EL-PK-NPMS-SNL             14.75         20.25                              
 PJM West EL-PK-PJMW-SNL                16.50         18.75                              
 Ercot North EL-PK-ERTN-SNL             17.00         20.00                              
 Mid C EL-PK-MIDC-SNL                   29.19         31.50                              
 Palo Verde EL-PK-PLVD-SNL              24.50         31.25                              
 SP-15 EL-PK-SP15-SNL                   27.00         35.50                              
 
 (Reporting by Scott DiSavino; Editing by Lisa Shumaker and Timothy Gardner)
  
 
 
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