MNI China Daily Summary: Tuesday, December 10

MNI BRIEF: China Nov Exports Slows, Imports Slide

MNI BRIEF: China Crude Oil Imports Accelerate In November

CHINA NOV EXPORTS +6.7% Y/Y VS MEDIAN +8.9% Y/Y: CUSTOMS

MNI: CHINA YTD EXPORTS +6.7% Y/Y IN YUAN TERM: CUSTOMS

MNI: PBOC Net Injects CNY90.3 Bln via OMO Tuesday

US NFIB NOV SMALL BUSINESS INDEX 101.7

MNI: GERMAN NOV CPI +2.2 % Y/Y

MNI: NORWAY NOV CORE CPI +0.1% M/M, +3% Y/Y

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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NATGAS: Henry Hub Falls Back After Previous Rally to $2.27mmbtu

NATGAS

Henry Hub front month is falling back driven by strong production and above normal storage levels after support earlier this week with the gradual return of Freeport LNG from outage. 

  • US LNG export terminal feedgas flows are today up to 12.60bcf/d according to Bloomberg with Freeport LNG supply at 1.34bcf/d and consistent with operation of two of the three trains. Calcasieu Pass feedgas is also still about 0.5bcf/d below high levels seen earlier this year.
  • US domestic natural gas production is up towards the highs seen earlier this month at 103.1bcf/d today. The average so far in July is 102.4bcf/d.
  • Domestic lower 48 natural gas demand remains above normal estimated at 77.3bcf/d today according to Bloomberg. The US weather forecast has once again shifted slightly warmer since yesterday with above normal temperatures now expected across most of the US especially in the 6-10 forecast period. 
  • Export flows to Mexico are today at 7.18bcf/d according to Bloomberg.
  • Nymex Henry Hub daily aggregate traded futures volume was at 417k on July 23.
    • US Natgas AUG 24 down 3.4% at 2.11$/mmbtu
    • US Natgas JAN 25 down 2.9% at 3.53$/mmbtu
    • US Natgas JUL 25 down 2.1% at 3.24$/mmbtu
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