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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.
NATGAS
US Henry Hub extends the weekly trend lower ahead of the updated EIA storage data later today. Front month has gradually fallen from a peak of around 3$/mmbtu on 10 Aug back to 2.45$/mmbtu today. European gas markets have today pulled back amid optimism for Australia LNG supply after the unions and Woodside Energy reached an in-principle agreement which union members will vote to ratify on Thursday.
- US Natgas SEP 23 down -1.9% at 2.45$/mmbtu
- US Natgas FEB 24 down -1.4% at 3.67$/mmbtu
- US Natgas AUG 24 down -0.5% at 3.34$/mmbtu
- The latest EIA weekly gas inventories for the week ending 18 Aug will be released this afternoon at 15:30BST. The expectation is for a build of +31bcf according to a Bloomberg survey compared to a build of +35bcf last week and the seasonal normal of +51bcf.
- Gas flows to LNG export terminals are today still down at 11.65bcf/d with feedgas flows to the Corpus Christi LNG terminal about 0.7bcf/d down from levels seen last week.
- Lower 48 dry gas consumption is today estimated at 75.7bcf/d according to Bloomberg compared to the previous seasonal five year average of about 70.4bcf/d. The latest two week NOAA forecast has moved slightly warmer than yesterday with above normal temperatures showing for much of the US especially in the 8-14 day period.
- US domestic natural gas production was at 100.6bcf/d yesterday with output this week slightly down from an average of 101.5bcf/d so far in August according to Bloomberg.
- Export flows to Mexico are still well above normal at 6.75bcf/d today.
Source: Bloomberg
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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