US Natgas Drifting Lower Before EIA Inventory Data

US Natgas drifting off slightly from the weekly gains ahead of the updated EIA inventory data due later today.

• US Natgas APR 23 down -1.9% at 2.76$/mmbtu
• The latest EIA weekly gas inventories for the week ending 24 Feb will be released this afternoon at 15:30GMT. The expectation is for a draw of -74bcf following on from the -71bcf draw last week. The 5-year average for this time of year is -173bcf.
• Lower 48 dry gas consumption holding near normal today at 84.3bcf/d but the two week forecast continues to show below normal temperatures stretching across the US in the coming two weeks.
• US natural gas production has dipped slightly in the last two days with today estimated by Bloomberg at 99.2bcf/d.
• Deliveries to US LNG export terminals are today estimated at the highest since the Freeport fire last June at 13.49bcf/d. Flows to the Freeport LNG facility are gradually increasing up to 1.29bcf/d today as the restart of the second liquefaction train continues.
• Export flows to Mexico are relatively unchanged from yesterday at 6bcf/d.