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NATGAS
US Natgas extends decline on high production and easing domestic demand.
- US Natgas OCT 22 down -1.9% at 7.99$/mmbtu
- Front month has fallen 20% from the peak near 10$/mmbtu on Aug 23.
- Lower 48 dry gas production has been above 100bcf/d all week and was estimated at a record high of 100.9bcf/d yesterday.
- Milder temperatures and forecast of cooling rain have eased demand from about 74bcf last week to below 69bcf/d today. The forecast suggests slightly warmer weather will persist for much of the US although the west coast will be back near normal in the 8-14 day period.
- Deliveries to US LNG export terminals have soften from earlier in the week back to 11.2bcf/d while Mexico exports are unchanged at 6.7bcf/d.
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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