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NATGAS
US Natgas pulls back on the forecast of above normal temperatures coming to the eastern half of the US in the coming days. The outlook shows temperatures staying above normal for much of the two week forecast before trailing off back to normal from about 10 Jan.
- US Natgas JAN 23 down -5.7% at 4.98$/mmbtu
- Estimated natural gas demand was yesterday back down to 105.2bcf/d from a high of 126.6bcf/d on 23 Dec.
- Lower 48 dry gas production is recovering following the significant drop caused by the recent extreme cold weather. Production fell about 16% to 84.2bcf/d on Dec 24 but has since recovered back slightly to 93.5bcf/d today.
- Production fell the most in more than a decade as wells froze and pipelines failed. Most of the output decline was seen in the Appalachia region.
- Deliveries to LNG export terminals is today estimated back up to 11.13bcf/d having fallen to the lowest since Feb 2021 at 7.77bcf/d on Dec 23.
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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