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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
Natural gas prices at Texas’ Waha hub went negative again Aug. 21, marking 26 days of consecutively negative pricing, Platts said.
- Meanwhile, producers await additional production takeaway capacity from September after the startup of the 2.5 bcf/d Matterhorn Express Pipeline.
- Waha has endured the longest stretch of negative prices in at least a decade, averaging -$1.32/MMBtu since late June.
- Price pressure comes from near record high production in the Permian. Output is averaging 19.5 bcf/d so far in August, on track for a record monthly average.
- This makes local supply-demand balances very sensitive to pipeline maintenance.
- El Paso Natural Gas has seen continues maintenance on its North Mainline pipeline, cutting capacity by 335-900 mcf/d.
- There has also been other smaller, but significant capacity restrictions across the network.
- However, traders are pricing in a Waha uplift when Matterhorn comes online, with Waha Sep. 24 pricing around minus 55 cents/MMBtu
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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