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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.
NATGAS
US Natgas today fell to below the recent low from last week as front month has declined 46% this year. The level would be the lowest close since Dec 2020.
- US Natgas MAR 23 down -1.2% at 2.37$/mmbtu
- Low domestic demand, curtailed LNG exports, high production and recovering inventories have all contributed to the steady price decline.
- The latest EIA weekly gas inventories for the week ending 3 Feb due scheduled for release at 10:30ET. Expectation is for a draw of -199bcf compared to the 5-year average for this time of year of -181bcf after cooler weather at the end of January.
- Lower 48 dry gas consumption has been holding steady this week with today just slightly lower at 83.4bcf/d on the current mixed temperatures. The two week NOAA forecast shows cold weather in the western half of the country but above normal in eastern areas.
- Natural gas production is holding steady with yesterday estimated at 101bcf/d.
- Deliveries to US LNG export terminals are today estimated at the highest since the Freeport LNG outage in June 2022 according to Bloomberg data. Supply to the terminals is today at 13.1bcf/d with higher flows to Sabine Pass LNG.
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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