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US Edges Higher After Another Decline Yesterday

NATGAS

US Natgas holding just above the previous close levels today after another decline yesterday and ahead of the updated EIA inventory data later.

    • US Natgas MAR 23 up 1.9% at 2.51$/mmbtu
  • Gas storage levels are once again expected to come in with a smaller draw than normal due to high production, moderate demand and restricted LNG exports due to the extended Freeport outage. The expectation is for EIA to show a draw of -145bcf following on from the draw of -91bcf last week and compared to the 5-year average of -174bcf.
  • Natural gas production is currently slightly down on January output with today estimated at 96.75bcf/d. The decline is partly driven by a decline in output from the Permian region.
  • Deliveries to US LNG export terminals are stable at 12.5bcf/d while exports to Mexico are 6.3bcf/d.
  • Weather forecast remain mixed with below normal expected towards the west coast and above normal in the east in the 6-14 day period. Domestic demand is today estimated above normal at 106bcf/d.
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