US Lowest Since Start of Oct on Lower Flows to LNG Terminals

US Natgas drifting down to the lowest since the end of October with a drop in supplies to LNG export terminals and a mixed forecast for temperatures across the country.

• US Natgas JAN 23 down -1.4% at 5.5$/mmbtu
• Deliveries to LNG export terminals have dropped from an average around 12bcdf/d over the last week and a peak of 12.9bcf/d on Dec 1 down to an estimated 11.5bcf/d today. The fall is mostly driven by lower flows to Sabine Pass LNG.
• Cold temperatures in western areas and warm in the east look likely to remain throughout the two week forecast. The Gulf Coast region will see a shift from current warmth to at or even below normal from the middle of December. Lower 48 natural gas demand is today estimated back below normal at 81.8bcf/d.
• US production has remained largely unchanged since the start of October with yesterday at 101.2bcf/d.