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US Natgas Edges Higher With Expectation of US Stock Draw

NATGAS

US Natgas edging higher on the expectation of another draw in US natural gas stocks in data due for release by EIA later today.

    • US Natgas JAN 23 up 1.2% at 7.01$/mmbtu
  • The latest EIA weekly gas inventories for the week ending Nov 25 are expecting a draw of -86bcf following on from the -80bcf draw last week. The 5-year average for this time of year is -32bcf.
  • US gas fell yesterday on a reduced chance of US rail strikes after the House passed legislation imposing a labour agreement. Workers from 4 of the 12 unions have previously rejected the agreement.
  • US weather forecasts continue to show cold weather in the West spreading across the country during the two week period as above normal temperatures in Gulf Coast region fall back towards normal. Lower 48 consumption is currently estimated up to 93.5bcf/d.
  • Production was yesterday at 100/7bcf/d while deliveries to LNG export terminals are up at 12.7bcf/d and flow to Mexico is at 6.3bcf/d.
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