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US Gas Edging Lower on Mixed Weather and Stable Supplies

NATGAS

US Natgas drifting lower after slightly smaller than expected draw in US natural gas stocks in EIA data released yesterday.

    • US Natgas JAN 23 down -1.5% at 6.63$/mmbtu
  • EIA stock data showed a -81bcf draw compared to expectation for a -86bcf draw and the 5-year average for this time of year of -32bcf. Total US gas inventories are just below the five year average at 3,483bcf.
  • The weather forecast remains largely unchanged with at or below normal temperatures expected across the western and northern areas but above normal expected in the Gulf Coast region. Lower 48 dry gas demand is just above normal at 87.5bcf/d.
  • Natural gas production was yesterday at 101.1bcf with deliveries to LNG export terminals at 12.38bcf/d and exports to Mexico at 6.3bcf/d.

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