CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Natural Gas End of Day Summary: Henry Hub Hits 6-Month Low

NATURAL GAS

Henry Hub has fallen to around a 6-month low as milder weather forecasts into the start of 2024, weak demand, and record output push down prices.

  • US Natgas JAN 24 down -5.6% at 2.44$/mmbtu
  • US Natgas JUN 24 down -5.1% at 2.44$/mmbtu
  • Meanwhile, the March-April US natgas spread, known as the widowmaker due to volatility, briefly turned negative, demonstrating ample winter supply, Bloomberg said.
  • Above-normal temperatures are expected to dominate most of North America for at least the next 10 days and beyond, according to a note by commercial forecaster Atmospheric G2.
  • Domestic natural gas production is today estimated at 106.0bcf/d according to Bloomberg with data showing a record 106.55bcf/d on Dec 8 last week.
  • Demand from US LNG export terminals is strong with feedgas supplies at 14.8bcf/d according to Bloomberg after reaching a record high of 15.1bcf/d yesterday
  • LNG deliveries to Europe and Turkey rose more than 12% last week to nearly a ten month high of 4bcm according Montel citing Kpler ship-tracking data.
  • A 1Q24 price forecast of 3.25$/mmbtu is proving to be too optimistic with clear risk of a revision lower according to a note from JP Morgan but the forecast currently remains unchanged amid uncertainty regarding 1Q24 weather.
  • EU members states have the legal power to individually block Russian gas imports as part of a provisional deal agreed by the bloc on Friday.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

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.