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NATGAS
The US EIA gas storage data due for release at 10:30ET (15:30GMT) is expected to show a withdrawal of -108bcf for the week ending Dec 1 according to BNEF.
The Bloomberg survey average suggests a draw of -109bcf on the week compared to the seasonal normal draw of -33bcf.
- The BNEF samples-based model predicts a withdrawal of -106bcf while the weather-based supply and demand model predicts a withdrawal of -109bcf.
- Total storage was last week reported at 3,836bcf after a 10bcf build on the week. US storage was 303bcf higher than the seasonal average of 3,533bcf and 103bcf lower than the previous 5-year high.
- US lower 48 production continues to rise above 106bcf/d from 103bcf/d at the end of October driven by the Bakken and Rockies regions.
- Supply is expected to have increased 1.1bcf/d to 92.4bcf/d on the week but consumption was up 18.5bcf/d to 108bcf/d driven by residential/commercial and power generation demand.
- Warmer weather driving weaker demand in December has led to an early view for the week ending Dec 8 of a lower withdrawal of -57bcf.
- US Natgas JAN 24 down -0.7% at 2.55$/mmbtu
Source: BNEF
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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