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US Extends Decline to Test Lowest Level Since July 2021

NATGAS

US Natgas falls to test the lowest level since July 2021 as warm weather continues across the US keeping demand below normal.

  • US Natgas FEB 23 down -3.8% at 3.58$/mmbtu
  • LNG exports have recovered to the levels seen before the severe cold in late December but remain limited by the ongoing outage of Freeport LNG. Last month the outage was extended with operations not expected to resume until the end of Jan. Deliveries to US LNG export terminals are today estimated at 12.5bcf/d.
  • EIA data yesterday showed a big draw in stocks due to the cold weather, but the decline was less than estimated. The data for the week ending Dec 30 showed a -221bcf decline compared to expectation of a -231bcf draw and the 5-year average for this time of year of -107bcf.
  • Domestic natural gas demand has increased slightly in recent days back up to 91.7bcf/ today but this remains below the seasonal normal of around 99bcf/d.
  • Lower 48 dry gas production is steady around 101.1bcf/d while export to Mexico are today at 6.5bcf/d.
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