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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
Henry Hub edges higher but remains in a bearish trend and has more than halved since November falling to the lowest since June 2020 yesterday. Strong production, mild weather, high storage inventories and curtailed LNG exports are weighing on prices.
- US Natgas MAR 24 down -2% at 1.58$/mmbtu (vs Feb 16 close)
- US Natgas AUG 24 down -2.1% at 2.23$/mmbtu
- US Natgas FEB 25 down -1.1% at 3.36$/mmbtu
- Domestic natural gas demand is down on the day at 89.8bcf/d and in line with the previous five year average according to Bloomberg. The two week weather forecast is relatively unchanged from yesterday with the 6-14 day outlook showing above normal temperatures in central and eastern areas but slightly below normal on the west coast.
- Feedgas flows to US LNG export terminals are today still curtailed at 13.2bcf/d amid the ongoing outage to Freeport train 3 since mid Jan. Freeport feedgas flows have fallen by a further 0.5bcf/d today after seeing a similar dip after train 1 tripped over the weekend before recovering. Sabine Pass flows have however recovered slightly after a drop in recent days.
- US lower 48 gas production was yesterday at 103.7bcf/d according to Bloomberg. Production has fallen from over 105bcf/d in early Feb but remains above levels seen this time last year of around 100bcf/d.
- Export flow to Mexico is today at 5.87bcf/d according to Bloomberg.
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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