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US Edges Higher on Cooler Forecast before EIA Stock Data


US Natgas continues the rise from yesterday with colder weather spreading and ahead of the updated EIA inventory data later today.

    • US Natgas JAN 23 up 1.7% at 5.82$/mmbtu
  • The latest EIA weekly gas inventories for the week ending Dec 2 are expected to show a draw of -30bcf compared to the 5-year average for this time of year of -28bcf.
  • Lower 48 dry gas consumption has been holding steady this week with today estimated at 83.4bcf/d on the current mixed temperatures. Cold weather in the west is forecast to spreads eastwards in the middle of the month to bring below normal temperatures across most of the country in the 8-14 day period.
  • A dip in production is also supporting prices with today estimated back below 100bcf/d at 99.4bcf/d.
  • Deliveries to US LNG export terminals are relatively unchanged from yesterday at 11.5bcf/d while exports to Mexico are this week around 6.3bcf/d.

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