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US Natgas Pulls Back From High of the Day Before EIA Data

NATGAS

US Natgas pulls back slightly from earlier gains ahead of the EIA inventory report at 15:30GMT (10:30ET).

  • The expectation is for a build of +83bcf compared to +107bcf last week and the 5-year average for this time of year of +28bcf. Last week total US stocks had increased to 3.4% below the five year average having been as much as 12% below in mid August. Below normal demand, reduced LNG exports and strong production have contribute to recent weekly stock builds.
  • Uncertainty over the expected restart of Freeport and the arrival of cold weather is driving market volatility.
    • US Natgas DEC 22 up 1.8% at 5.97$/mmbtu

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