US Natgas Falls on Forecast of Warmer Weather

US Natgas is falling due to the forecast of warmer weather creeping in across the country over the coming week.

• US Natgas JAN 23 down -6.2% at 5.89$/mmbtu
• Above normal temperatures in the Gulf Coast region will spread into the east and central US with below expected to remain in the west throughout the two week outlook. Current domestic consumption is estimated very near to normal for the time of year at 85.8bcf/d.
• The further delayed restart of Freeport LNG announced late last week is adding to the downside pressure. The terminal has delayed the expected restart from mid December until around the end of the year. Deliveries to US LNG export terminals are today holding steady at 12.2bcf/d.
• Lower 48 dry gas production is largely unchanged with output over the weekend around 100.9bcf/d compared to production this time last year of around 97bcf/d.