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NATGAS
US Henry Hub has resumed the weekly trend higher as Freeport LNG resumes production after an unplanned outage impacted operations and as feedgas supplies recover. Front month is up to a new high for the week at nearly 2.8$/mmbtu ahead of the updated EIA storage data later today.
- US Natgas OCT 23 up 4.3% at 2.8$/mmbtu
- US Natgas MAR 24 up 1.4% at 3.36$/mmbtu
- US Natgas SEP 24 up 0.8% at 3.33$/mmbtu
- Freeport LNG's natural gas intake has rebounded on the day to 0.896 bcf/d, up from 0.293 bcf/d the previous day. However, it remains below the 1.913 bcf/d levels before the outage according to Bloomberg. Total Feedgas delivery flows to US LNG export terminals are today estimated back up to 12.4bcf/d.
- The latest EIA weekly gas inventories for the week ending 8 Sep will be released this afternoon at 15:30BST. The expectation is for a build of +50bcf according to a Bloomberg survey compared to a build of +33bcf last week and the seasonal normal of +69bcf.
- The price rally comes despite a cooler weather forecast with below normal temperatures spreading in from the far West Coast bringing some rain to ease demand in Texas over the weekend. Above normal temperatures are still expected in central and eastern areas of the country in the 8-14 days period. Domestic natural gas consumption has fallen to 68.1bcf/d today compared to an average of 71.6bcf/d so far this month.
- US domestic natural gas production was yesterday down at 100.4bcf/d according to Bloomberg compared an average of 101.8bcf/d so far this month.
- Export flows to Mexico are today estimated at 7.4bcf/d.
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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