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MNI: PBOC Drains Net CNY198 Bln Weds; Rates Unchanged

CHINA PBOC INJECTS CNY240 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1140 WEDS VS 7.1127

Futures Consolidate On Tuesday

EZ/UK Bond Supply Calendar: Italy Exchange, Green Gilt Due Wed

EZ/UK T-Bill Calendar: Greece, EU Auction Wednesday

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

MNI BRIEF:Macklem-Fiscal Policy Turning Unhelpful On CPI Fight

MNI BRIEF: Stabilizing Prices Helps BOC Turn Neutral-Freeland

Natural Gas End of Day Summary: Henry Hub Falling

NATURAL GAS
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US Henry Hub has reversed reversal of yesterday’s gains as domestic demand is expected to ease from the current high levels with short-term forecasts expecting milder weather. Global energy markets continue to watch for the risk of an escalation of the conflict in Israel to the wider Middle East region. Henry Hub has risen from its intraday low of $3/429/MMBtu, but has been on a largely downward trajectory during US hours.

  • US Natgas DEC 23 down -2.3% at 3.49$/mmbtu
  • US Natgas MAY 24 down -0.6% at 3.25$/mmbtu
  • US natural gas demand is today estimated up again to 89.5bcf/d according to Bloomberg with current below normal temperatures in eastern and Gulf Coast regions. Temperatures are expected to warm in the coming days as above normal temperatures move across from the west by the weekend. The NOAA forecast suggests cooler temperatures retuning to eastern regions in the 8–14-day period.
  • Domestic natural gas production has drifted slightly lower back to around 102.9bcf/d yesterday but still strong compared to output of around 100bcf/d this time last year.
  • Natural gas delivery flows to US LNG export facilities are today estimated slightly higher at 14.6bcf/d according to Bloomberg.
  • US LNG exports in October hit their second highest level on record, according to LSEG data.
  • Chinese natural gas consumption is expected to rise by 6% on the year during the fourth quarter of this year to reach 107bcm, with LNG imports forecast to rise by 8% year on year to 19mn tons according to BNEF.
  • China’s domestic LNG prices are expected to keep momentum in November, amid rising feedgas costs, higher expectations for imported LNG prices, and rising downstream demand, according to OilChem.
  • LNG stockpiles held by major Japanese power utilities decreased by 1.36% to 2.18 million tons on Oct. 29 according to trade ministry data after four consecutive weeks of growth amid exceptionally weak power demand.
  • LNG futures traded on exchanges in October hit a year to date high for 2023 at 75,104 lots, according to Platts, citing exchange and broker data.
  • Eni expects to be able to export LNG from Egypt in November according to its CEO Claudio Descalzi.
  • The Marvel Crane LNG tanker looks to have moved to wait off Newcastle from its originally planned destination of Isle of Grain to avoid storm Ciaran on Thursday morning, ICIS analyst Alex Froley said.
  • Chevron will continue efforts to expands natural gas production from Israel, despite the current conflict, as part of its long-term plans for gas development, according to Bloomberg.
  • Gas flows from Algeria to Italy at Mazara del Vallo have fallen by 40.7% on the day to average 42.6 mcm/d, according to Bloomberg.
  • South Korean LNG inventories slightly increased by the end of September to 5.2mn tons, Kogas sales data showed, and are likely to stay above last years levels throughout November and December according to BNEF.
  • MNI COMMODITY WEEKLY: Russian Export Cuts Under Question While Unlikely Suspects Bolster Global Supply – Full piece here: https://enews.marketnews.com/ct/x/pjJscQOPl-8I6agzdk1-Hw~k1zZ8KXr-kA8x6nEXZanptIPjO1OcQ
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US Henry Hub has reversed reversal of yesterday’s gains as domestic demand is expected to ease from the current high levels with short-term forecasts expecting milder weather. Global energy markets continue to watch for the risk of an escalation of the conflict in Israel to the wider Middle East region. Henry Hub has risen from its intraday low of $3/429/MMBtu, but has been on a largely downward trajectory during US hours.

  • US Natgas DEC 23 down -2.3% at 3.49$/mmbtu
  • US Natgas MAY 24 down -0.6% at 3.25$/mmbtu
  • US natural gas demand is today estimated up again to 89.5bcf/d according to Bloomberg with current below normal temperatures in eastern and Gulf Coast regions. Temperatures are expected to warm in the coming days as above normal temperatures move across from the west by the weekend. The NOAA forecast suggests cooler temperatures retuning to eastern regions in the 8–14-day period.
  • Domestic natural gas production has drifted slightly lower back to around 102.9bcf/d yesterday but still strong compared to output of around 100bcf/d this time last year.
  • Natural gas delivery flows to US LNG export facilities are today estimated slightly higher at 14.6bcf/d according to Bloomberg.
  • US LNG exports in October hit their second highest level on record, according to LSEG data.
  • Chinese natural gas consumption is expected to rise by 6% on the year during the fourth quarter of this year to reach 107bcm, with LNG imports forecast to rise by 8% year on year to 19mn tons according to BNEF.
  • China’s domestic LNG prices are expected to keep momentum in November, amid rising feedgas costs, higher expectations for imported LNG prices, and rising downstream demand, according to OilChem.
  • LNG stockpiles held by major Japanese power utilities decreased by 1.36% to 2.18 million tons on Oct. 29 according to trade ministry data after four consecutive weeks of growth amid exceptionally weak power demand.
  • LNG futures traded on exchanges in October hit a year to date high for 2023 at 75,104 lots, according to Platts, citing exchange and broker data.
  • Eni expects to be able to export LNG from Egypt in November according to its CEO Claudio Descalzi.
  • The Marvel Crane LNG tanker looks to have moved to wait off Newcastle from its originally planned destination of Isle of Grain to avoid storm Ciaran on Thursday morning, ICIS analyst Alex Froley said.
  • Chevron will continue efforts to expands natural gas production from Israel, despite the current conflict, as part of its long-term plans for gas development, according to Bloomberg.
  • Gas flows from Algeria to Italy at Mazara del Vallo have fallen by 40.7% on the day to average 42.6 mcm/d, according to Bloomberg.
  • South Korean LNG inventories slightly increased by the end of September to 5.2mn tons, Kogas sales data showed, and are likely to stay above last years levels throughout November and December according to BNEF.
  • MNI COMMODITY WEEKLY: Russian Export Cuts Under Question While Unlikely Suspects Bolster Global Supply – Full piece here: https://enews.marketnews.com/ct/x/pjJscQOPl-8I6agzdk1-Hw~k1zZ8KXr-kA8x6nEXZanptIPjO1OcQ