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US Natgas Gains Ground Ahead of EIA Stocks Data

NATGAS

US Natgas is ticking back up with a larger than normal draw expected for the week ending 3 Feb in the latest EIA weekly gas inventories due for release at 10:30ET.

    • US Natgas MAR 23 up 1.9% at 2.44$/mmbtu
  • The gain is a break from the downward trend driven by low domestic demand, curtailed LNG exports, high production and recovering inventories.
  • Expectation is for US stocks to show 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.
  • Total US stocks have edged back above normal this year after spending most of last year below the five year average. Total inventories were last week at 2,583bcf and the seasonal normal for this time of year is 2,287bcf.
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