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US Natgas Holding Gains Ahead of EIA Data

NATGAS

Front month US Henry Hub holding onto gains from earlier in the day ahead of the update EIA US inventories. The FERC approval for the restart of the remaining Freeport LNG liquefaction train is providing support.

  • The latest EIA weekly gas inventories are expected to draw by -83bcf following on from the -81bcf draw last week and compared to the 5-year average for this time of year of -107bcf. Total US inventories were last week 17.3% above the five year average at 2,114bcf.
  • US storage withdrawals have been mostly smaller than normal this year with low demand, curtailed LNG exports and steady production helping to boost stocks.
    • US Natgas APR 23 up 2.5% at 2.61$/mmbtu

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