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US Natgas  Edges Back Up From Earlier Dip

NATGAS

US front month Henry Hub is trading just above the previous close level with a mixed weather forecast in the US and uncertainty over the timing of the full restart of Freeport LNG.

    • US Natgas APR 23 up 2% at 2.62$/mmbtu
  • US regulators sent another list of questions seeking information to Freeport LNG on Monday, as they evaluate its request to restart full commercial operations.
  • Vessel tracking has shown a handful of partial cargoes leaving the facility, while a full cargo is understood to have left last week. Feedgas deliveries to the facility are around 1.41bcf/d today reflecting supply to two of the three liquefaction trains compared to flows around 2.1bcf/d seen before the fire last June. Total deliveries to US LBG export terminals are today back up to 13.2bcf/d after falling yesterday due to lower supply to Freeport and Corpus Christi.
  • The latest NOAA forecast shows slightly below normal temperatures across much of the country in the 6-14 day period with above normal in southern areas. Lower 48 dry gas demand is today estimated near normal at 83.9bcf/d according to Bloomberg.
  • Exports flows to Mexico are today estimated at 5.9bcf/d.

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