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NATGAS
US Henry Hub eases back after seeing a small rally in response to the below normal US inventory build announced yesterday with a cooler weather forecast also weighing on prices.
- US Natgas AUG 23 down -1.4% at 2.66$/mmbtu
- The latest EIA weekly gas inventories for the week ending 23 June showed a below expected build of +76bcf compared to the five year average for this time of year of +84bcf. Total US inventories are still above the five year average at 2,805bcf compared to the average of 2,424bcf.
- The weather driven demand in US is expected to ease with cooler weather spreading in from the north over the coming week. Some areas including the US Gulf Coast are however hanging on to the above normal temperatures in the 8-14 days period while central areas are showing below normal. Lower 48 consumption is currently holding above normal and up to 73.0bcf/d today according to Bloomberg.
- Domestic production is relatively unchanged with today estimated at 101.0bcf/d after the dip lower in mid June.
- Delivery flows to the US LNG export terminals are today showing as 12.6bcf/d with flows to Sabine Pass LNG back up to around 4.3bcf/d but below the pre maintenance levels around 5bcf/d seen in April.
- Export flows to Mexico are still high at 7.2bcf/d today.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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