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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Strong US Production Offsets LNG Export Demand
US Natgas slightly lower today despite support from surging European gas prices and Gulf of Mexico production outages.
- US Natgas OCT 22 down -1.4% at 6.56$/mmbtu
- Hurricane Ian had resulted in a combined output outage of 840mmcf/d but the production should resume as the storm moves away towards Florida.
- European gas had surged 13% since yesterday morning on reports of damage to both Nord Stream pipelines due to suspected sabotage and concerns for Russian supplies through Ukraine.
- Demand for US LNG remains high as Europe continue to look for alternatives to Russian gas. Deliveries to US LNG exports terminals are today up at 12.2bcf/d.
- Offsetting the upside pressures is the ongoing high domestic production despite the hurricane disruption. Estimates for today are just slightly down at 100.5bcf/d.
- Domestic demand is holding just above normal at 66.2bcf/d with temperatures still mixed for the coming two week forecast period although favouring above normal in the West and Midwest.
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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.