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NATGAS
US Natgas is heading for a weekly gain supported by the gradual resumption of the Freeport LNG export terminal following the outage since June.
- US Natgas MAR 23 up 2.2% at 2.37$/mmbtu
- Earlier this week Freeport LNG received approval for the resumption of two of the three liquefaction trains. Mechanical problems have delayed the restart approval of the third train so a return to full output of over 2bcf/d is still likely to be at least several weeks away. Pipeline natural gas deliveries to the terminal are up to around 0.7bcf/d this week from 0.45bcf/d last week and just 0.1bcf/d earlier in Feb according to Bloomberg data.
- Total US deliveries to LNG export terminals are today estimated at 12.2bcf/d with flow to Corpus Christi still reduced by about 0.7bcf/d.
- The EIA weekly gas inventories released yesterday showed a -71bcf draw compared to the 5-year average for this time of year of -164bcf. Total US inventories are above the five year average at 2,195bcf.
- Domestic consumption is today estimated just above normal at 95.7bcf/d with cold weather in the west and warm in the east.
- Natural gas production was steady at 100.8bcf/d yesterday while exports to Mexico are strong at around 5.9bcf/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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